Clifford Chance advises on Tier 2 Subordinated Dated Capital Bond Issuances by Fubon Life Insurance and Nan Shan Life Insurance

Global law firm Clifford Chance has advised on two Tier 2 subordinated dated capital bond issuances for leading Taiwanese insurers.

• Advised Citigroup, HSBC, J.P. Morgan and Morgan Stanley as joint lead managers on Fubon Life Insurance’s inaugural overseas issuance of US$650 million 5.45% Tier 2 subordinated dated capital bonds, due 2035.
• Advised on Nan Shan Life Insurance’s issuance of US$395 million 5.875% Tier 2 subordinated dated capital bonds, due 2041.

Lead partner David Tsai said, “We are honoured to have advised on these landmark transactions, which reflect the ongoing trend of Taiwanese insurers accessing international capital markets to strengthen their capital base and support strategic growth."

David was supported by senior associate Kenneth Ip and associate Xavier Chan.

This transaction builds on Clifford Chance’s strong track record in advising Taiwanese insurers, including Cathay Life Insurance's inaugural offshore regulatory capital issuance, Nan Shan Life Insurance on its US$700 million debut offshore bond offering and Shin Kong Life Insurance’s US$400 million Tier 2 Subordinated Dated Capital Bonds issuance.