03 August 2021

KWM Hong Kong continues strong performance in offshore debt capital markets with over 50 debt offerings in first half of 2021

King & Wood Mallesons (KWM) Hong Kong-based debt capital markets (DCM) team has retained its success and continued to gain pace in the DCM market, having advised on more than 50 transactions in the first half of 2021. These transactions include a broad range of investment grade debt offerings by state-owned enterprises and leading private companies, high-yield debt offerings as well as liability management exercises. The team has also maintained its market leading position in issuances by local government financing vehicles (LGFV).

In line with the firm’s strong commitment to support green, social and sustainable finance, the team has recently acted on a number of notable green bond offerings, including:

  • Advising the joint lead managers in connection with the issuance of US$500 million senior bonds guaranteed by CSSC (Hong Kong) Shipping Company Limited, the first offshore green bond issuance by CSSC HK that are in alignment with ICMA’s (The International Capital Market Association) Green Bonds Principles.
  • Advising Industrial Bank Co., Ltd. on the issuance of US dollar and Hong Kong dollar dual-tranche bonds with an aggregate principal amount of approximately US$922 million under its US$5 billion medium term note (MTN) programme, the third offshore green bond issuance by Industrial Bank in the past three years.
  • Advising Minmetals Land Limited on its issuance of US$300 million guaranteed sustainable bonds, the first offshore green issuance under its sustainable finance framework.
  • Advising Ping An Real Estate Company Ltd. in connection with its establishment of US$1 billion MTN programme and the subsequent drawdown of US$600 million dual tranche senior notes, the first offshore green bond issuance by Ping An Real Estate that are in alignment with ICMA’s Green Bonds Principles.

Other notable transactions that the team has recently completed include:

  • Advising AAC Technologies Holdings Inc., a world’s leading provider of advanced miniaturised and proprietary technology solutions in the consumer electronics industry, on its issuance of US$650 million dual tranche senior notes.
  • Advising the arranger and the dealers on CMB International Capital Corporation Limited’s establishment of the US$2 billion MTN programme and subsequent drawdown of US$600 million senior notes.
  • Advising the joint lead managers on the debut issuance of US$300 million senior bonds by Jiangsu Shagang Group Company Limited, the largest private steel producer in China and the sixth largest steel producer in the world.
  • Advising Shanghai Land (Group) Co., Ltd. on its debut issuance of CNY3 billion senior bonds in the Shanghai Free Trade Zone, the largest offshore bonds offering in the Shanghai Free Trade Zone.
  • Advising Zhejiang Geely Holding Group Company Limited, a leading global automotive group, on its issuance of US$400 million credit enhanced notes.
  • Advising the joint lead managers in connection with the debut issuance of US$700 million senior bonds by Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd., the operator of Ningbo-Zhoushan Port, one of the busiest ports in the world in terms of cargo throughput.

In addition, the team has recently advised on a number of innovative liability management exercises, including:

  • Advising the dealer managers and the joint lead managers on the issuance of US$232 million senior notes guaranteed by China Grand Automotive Services Group Co., Ltd. and concurrent tender offer for its guaranteed perpetual securities, a first of its kind liability management exercise in Asia.
  • Advising Peng Telecom & Media Group Co., Ltd. on the restructuring of its outstanding senior USD notes by way of a consent solicitation.

The transactions were led by Hong Kong-based partners Hao Zhou, Richard Mazzochi, Michael Lu, and Song Yue.

After Song Yue’s addition in January 2021, the KWM DCM practice has continued to expand in becoming one of the largest and most active practices in Hong Kong with more than 25 lawyers, including four partners, four counsel and four senior associates. The firm’s unique strength in DCM has been recognised by notable legal publications, having ranked Band 1 for Debt Capital Markets (Asia-Pacific region) in the latest Chambers Asia-Pacific 2021 guide. The firm’s overall capital markets capability has been awarded “Best Law Firm in Hong Kong” by FinanceAsia awards, which recognises the best law firms and financial institutions in Asia’s key markets, for the third consecutive year.

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