David Tsai is experienced in a wide range of international bond offerings, medium term note programmes, hybrid securities and equity-linked products such as convertible bonds and exchangeable bonds.
David has represented issuers and underwriters, including advising leading banks, financial institutions, corporates and state-owned enterprises from the Greater China region, in a wide range of debt capital markets transactions, such as the first ever offshore Renminbi-denominated "dim sum" bond issuance carried out by a corporate, the first offshore bond offering from a PRC corporate involving credit enhancement via a keepwell deed and deed of equity interest undertaking structure and the first offshore corporate hybrid bond offering from a PRC corporate.
- China Railway Construction Corporation Limited – advising China Railway Construction Corporation Limited on its issuance of RMB3.45 billion USD settled 1.5% convertible bonds due 2021 and on its issuance of USD$500 million Zero Coupon Convertible Bond due 2021 and advised the underwriters on CRCC Yupeng Limited's issuance of USD$800 million 3.95% senior guaranteed perpetual securities guaranteed by China Railway Construction Corporation Limited
- CMB Financial Leasing Co. Ltd. – advised the underwriters on the establishment of USD$5 billion MTN programme and issues of USD$300 million 2.625% guaranteed notes due 2019 and US$900 million 3.25% guaranteed notes due 2021 by CMBLEMTN 1 Limited and guaranteed by CMB Financial Leasing Co. Ltd.
- China Yangtze Power Co., Ltd. (Three Gorges) – advised the underwriters on the issue of USD$300 million and EUR€200 million zero coupon notes, both exchangeable for the Hong Kong Stock Exchange-listed shares of China Construction Bank and due 2021, by special purpose issuing vehicles of, and guaranteed by, China Yangtze Power Co., Ltd. China. Yangtze Power is the largest hydro power company globally and a subsidiary of China Three Gorges Group
- Kunlun Energy Company Limited - advised Kunlun Energy Company Limited on the issue of RMB3.35 billion 1.625% USD settled convertible bonds due 2019
- Xinjiang Goldwind Science & Technology Co. Ltd.– advised the underwriters on the issue of USD$300 million 2.5% credit enhanced bonds due 2018, with the benefit of a keepwell deed provided by Xinjiang Goldwind Science & Technology Co. Ltd. and the benefit of an irrevocable standby letter of credit provided by Bank of China Limited, Macau Branch
News and client work
Career and qualifications
- University of Auckland (L.L.B.) 2001
- University of Auckland (L.L.M). (Commercial Law) 2006
- Admitted as a solicitor in Hong Kong 2014
- Admitted as a solicitor in England & Wales 2013
- Admitted as a barrister and solicitor in New Zealand 2001
- Joined Clifford Chance 2014
- Partner since 2017
Awards and citations
- Highly regarded
IFLR1000 – Hong Kong Capital Markets: Debt – 2023