Clifford Chance advises HKMC on its triple-tranche issuance of HK$12 billion benchmark bonds
7 March 2024
Clifford Chance advises HKMC on its triple-tranche issuance of HK$12 billion benchmark bonds
Global law firm Clifford Chance has advised The Hong Kong Mortgage Corporation Limited (HKMC) on the triple-tranche issuance of Hong Kong dollar (HKD) denominated benchmark bonds totalling HK$12 billion (approximately US$ 1.5 billion) under its US$30 billion Medium Term Note Programme. The transaction is the largest-ever Hong Kong dollar-denominated senior unsecured public bond transaction and the largest 10-year Hong Kong dollar-denominated public bond issuance in the institutional market.
The triple-tranche issuance comprises HK$8 billion two-year, HK$3 billion five-year and HK$1 billion 10-year bonds. The net proceeds of the notes issued will be used to meet general financing requirements.
Lead partner Mark Chan said, "We are delighted to advise HKMC on this landmark transaction, which is a testament to the robustness and dynamism of Hong Kong's financial markets. This record-setting HK$12 billion bond issuance underscores HKMC's pivotal role in the development of the local bond market and investors' confidence in Hong Kong's economy. This transaction reflects our team's deep expertise in debt capital markets and strong track record with public sector issuances."
Mark was supported by senior associate George Mok and associate Christine Chan.
HKMC is a company wholly owned by the Hong Kong SAR Government through the Exchange Fund.
This transaction builds on Clifford Chance's track record on debt capital markets issuances by the public sector. The firm previously advised on HKMC's inaugural dual-tranche social bonds and Hong Kong's first infrastructure-backed CLO sponsored by HKMC.
高伟绅律师事务所为香港按揭证券有限公司发行三笔共计120亿港元的基准债券提供法律服务
全球领先律师事务所高伟绅在香港按揭证券有限公司(“按揭证券公司”)300亿美元中期票据发行计划下发行三笔共计120亿港元(约合15亿美元)的基准债券中,为按揭证券公司提供法律服务。此次发行是有史以来市场公开发行的最大笔港元高级无抵押债券,也是最大笔10年期港元公开发行债券。
此次三笔债券发行包括80亿港元2年期、30亿港元5年期以及10亿港元10年期债券。所发行债券的净收益将用于满足一般融资需求。
牵头合伙人陈方中 (Mark Chan) 律师表示:我们很高兴能为按揭证券公司的这项里程碑式的交易提供法律服务,此次交易足以证明香港金融市场稳健且具有活力。本项创纪录的120亿港元债券发行,彰显了按揭证券公司在香港本地债券市场发展中的重要作用以及投资者对香港经济的信心。高伟绅团队通过为本交易提供法律服务展现了我们在债券资本市场卓越的专业能力,在助力公共部门发债方面成绩斐然。
本项目由合伙人陈方中律师牵头负责,香港办公室莫秉杰 (George Mok) 律师和陈家颖 (Christine Chan) 律师提供支持。
按揭证券公司是由香港特区政府通过外汇基金全资拥有的公司。
本交易依托高伟绅在助力公共部门在债券资本市场发债方面的骄人往绩。此前,高伟绅曾就按揭证券公司首次发行双币种社会责任债券提供法律服务,并助力按揭证券公司在香港特别行政区发行首批基建贷款抵押证券。