Clifford Chance

Clifford Chance advises on multiple landmark capital markets financing transactions by Singapore Airlines

Leading international law firm Clifford Chance has advised HSBC as lead manager on the issuance of Singapore Airlines' 1.65 per cent S$850 million (approx. US$635 million) five-year convertible bonds listed on the Singapore Exchange. The transaction marks the largest convertible bond from a Singapore-based issuer in a decade, and is the largest conversion premium achieved by an airline issuer in Asia (ex-Japan).

The firm also acted for Citi and DBS as arrangers on the update of, and increase in, programme limit of Singapore Airlines' multicurrency medium term note programme to US$10 billion; for DBS and UOB in a private placement of S$500 million of fixed rate notes under the programme, which closed concurrently with the convertible bond issue; and for Citi, HSBC and Bank of America on the issuance of Singapore Airlines' benchmark US$500 million 3.00 per cent notes due 2026, which marks Singapore Airlines' first US dollar bond issuance.

Singapore partner Gareth Deiner led the Clifford Chance team on all transactions, supported by counsel Ying Chiang Chong, senior associate Claire Neo, and associates Li Ser Wong and Vanessa Heng. Partner Johannes Juette, senior consultant James Booth and associate Nicoll Gnoh acted for the trustee.

"We are honoured to have assisted on all of these strategic capital markets transactions for one of Singapore's most iconic companies and best-loved brands. The diversity of the instruments and currencies deployed and the respective sizes and quality of the order books for each offering is testament to the confidence that investors have in Singapore Airlines."

The firm has a track record of advising on market-leading capital markets transactions in Southeast Asia, including Star Energy Geothermal Group on its offering on the Singapore Stock Exchange of a dual tranche US$1.1 billion green project bond, the first investment grade green project bond from the private sector in Indonesia; Republic of Indonesia's landmark US$2.5 billion sukuk and Perusahaan Listrik Negara's US$1.5 billion bond issuance; Axiata Group's US$1.5 billion dual-tranche offering, the largest US dollar offering out of Malaysia for five years; and Vena Energy's inaugural US$325 million green bond, the first ever US dollar Corporate Green Bond benchmark offering from a Singapore-headquartered company.