22 November 2016
Clifford Chance advises on China Yangtze Power's exchangeable bonds
Leading international law firm Clifford Chance advised the underwriters (BOCI, Deutsche Bank, Merrill Lynch, CCBI, CLSA, CMBI, Huatai Financial Holdings , ICBCI, J.P. Morgan, Société Générale and UBS) on the issue of US$300 million and EUR200 million zero coupon notes, both exchangeable for the Hong Kong Stock Exchange-listed shares of China Construction Bank and due 2021, by special purpose issuing vehicles of, and guaranteed by, China Yangtze Power Co., Ltd. China Yangtze Power is the largest hydro power company globally and a subsidiary of China Three Gorges Group.
The deal was led by partner Fang Liu and consultant David Tsai. They were supported by partner Matt Fairclough, senior associate Yue Song, associate Vivian Li and trainee Cleo Chau.
"This offering once again demonstrated our strong capabilities in handling complex equity-linked debt deals," Fang Liu said. "These innovative deals pave the way for a greater number of PRC issuers seeking to access a new source of funding in the international capital markets."