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Clifford Chance advises on issuance of Hong Kong's first non-government retail bonds

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3 June 2019

Clifford Chance advises on issuance of Hong Kong's first non-government retail bonds

Leading international law firm Clifford Chance has advised a syndicate of banks on the issuance of Hong Kong's first listed bond by a non-government issuer offered through HKEX’s Central Clearing and Settlement System (CCASS), made available to both retail and institutional investors.

The Reg S bonds issued by the Agricultural Development Bank of China, one of China's three policy banks, include:

  • RMB2 billion 3.08 percent retail and institutional bonds due 2020, and
  • RMB1 billion 3.23 percent institutional only bonds due 2022.

The syndicate of banks involved in the transaction include:

  • Bank of China Limited,
  • Bank of China (Hong Kong) Limited,
  • Standard Chartered Bank (Hong Kong) Limited,
  • Bank of Communications Co., Ltd., Hong Kong Branch,
  • China Construction Bank (Asia) Corporation Limited,
  • Industrial and Commercial Bank of China (Asia) Limited,
  • Agricultural Bank of China Limited Hong Kong Branch,
  • BOCOM International Securities Limited,
  • Shanghai Pudong Development Bank Co., Ltd., Hong Kong branch,
  • The Hongkong and Shanghai Banking Corporation Limited,
  • Citigroup Global Markets Limited,
  • Mizuho Securities Asia Limited, and
  • KGI Asia Limited.

Partner David Tsai led on the deal and said, "We are honoured to have advised on this landmark transaction, which is a positive development for Hong Kong's markets. We hope this offering will open the door for similar bond issuances by other Chinese banks and financial institutions."

David was supported by partners Connie Heng and Mark Chan, senior associate Nathan Wong, associates Andre Seah and Nicoll Gnoh, and trainee Declan Ng.

发行人中国农业发展银行,是中国三家政策性银行之一。本次债券发行依据S规则进行,包括:

  • 人民币20亿元,于2020年到期,息率3.08%的零售债券和机构债券,以及
  • 人民币10亿元,于2022年到期,息率3.23%的机构债券。

参与本次交易的银团成员包括:

  • 中国银行股份有限公司;
  • 中国银行(香港)有限公司;
  • 渣打银行(香港)有限公司;
  • 交通银行股份有限公司香港分行;
  • 中国建设银行(亚洲)股份有限公司;
  • 中国工商银行(亚洲)有限公司;
  • 中国农业银行股份有限公司香港分行;
  • 交银国际证券有限公司;
  • 上海浦东发展银行股份有限公司香港分公司;
  • 香港上海汇丰银行有限公司;
  • 花旗环球金融有限公司;
  • 瑞穗证券亚洲有限公司;以及
  • 凯基证券亚洲有限公司。

本次交易由高伟绅资本市场业务组合伙人蔡重阳牵头领导,并由高伟绅亚太区资本市场业务主管合伙人王彦琳、合伙人陈方中、高级律师黄乐恒、律师佘庆扬伍汉榕,以及见习律师伍乐熙提供支持。

蔡重阳律师表示:“我们很荣幸能为这一里程碑式的交易提供法律服务。这一交易推动了香港固定收益市场的发展。我们希望这能为其他中国的银行和金融机构发行类似债券打开大门。