Clifford Chance

Clifford Chance advises on key Additional Tier 1 issuances for China Cinda Asset Management and Huishang Bank

Leading international law firm Clifford Chance continues its strong track record advising on Additional Tier 1 issuances. Most recently the Firm acted for the underwriters on China Cinda Asset Management's issuance of US$3.2 billion in aggregate principal amount of 4.45% non-cumulative perpetual offshore preference shares. This is the first preference share offering by a non-bank financial institution from China to replenish Additional Tier 1 capital. Partners Angela Chan and Fang Liu led the team and they were supported by associates Song Yue, Torrance Shi and Nancy Mu. Partner Alex Lloyd provided expertise on the Volker Rule.

The practice also advised the underwriters on Huishang Bank Corporation Limited's US$888 million 5.50% non-cumulative perpetual offshore preference shares, which will count towards Additional Tier 1 capital. Partners Connie Heng, Fang Liu and Angela Chan led the team and were assisted by associates Song Yue and Torrance Shi, and legal assistant Qingyu Wu.

Partner Connie Heng, Head of Capital Markets for Asia Pacific said, "Our team has consistently dominated the Additional Tier 1 space on behalf of banks. Our expertise is now being sought after by new issuers including in asset management. Congratulations to our clients and to our team on the success of these offerings."

Previous landmark issuances the Firm has advised on include Bank of China's US$6.5 billion offering of Additional Tier 1 preference shares in October 2014, and the first offshore regulatory capital as a Chinese bank, and China Construction Bank's issuance of US$3.05 billion preference shares in December 2015.