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Clifford Chance advises on Postal Savings Bank of China's US$7.25 billion offering of AT1 preference shares

27 September 2017

Clifford Chance advises on Postal Savings Bank of China's US$7.25 billion offering of AT1 preference shares

Leading international law firm Clifford Chance advised the underwriters on Postal Savings Bank of China Co., Ltd. (PSBC)'s US$7.25 billion offering of Basel III-compliant additional tier 1 preference shares. The underwriters were led by CICC, Goldman Sachs, J.P. Morgan, UBS, Morgan Stanley, Bank of America Merrill Lynch, ICBC (Asia), Haitong International, HSBC and DBS as joint global coordinators. This is the largest ever additional tier 1 capital issue out of Asia and also the largest of its kind globally since 2010.

Partner Fang Liu said, "We were honoured to assist on this record-breaking offering of regulatory capital by PSBC, following our work on its landmark US$8 billion initial public offering and Hong Kong listing in 2016."

The deal was co-led by Fang and partner Angela Chan, supported by associate Torrance Shi and trainee Huang Huiyu.

In addition, Clifford Chance recently advised Bank of Qingdao Co., Ltd. on its US$1.2 billion additional tier 1 preference shares with a team also co-led by partners Fang Liu and Angela Chan, supported by partner Virginia Lee, senior associates Song Yue and Ching King, associates Nancy Mu and Rae Guo and legal assistant Aidan Yu.