Clifford Chance Advises Haitong Securities on Its First International US Dollar Bond Offering

Leading international law firm Clifford Chance has advised Haitong International Finance Holdings Limited, an indirect wholly-owned subsidiary of Haitong Securities Co., Ltd. (Haitong Securities), on its issue of US$900 million 3.95% Reg S credit-enhanced bonds due 2018. This is the first time that Haitong Securities has tapped the international US dollar market and is the second-largest credit-enhanced offering to date. The notes included credit enhancement from Bank of China Singapore in addition to a keepwell deed from Haitong Securities.

The proceeds from the bonds will be used for Haitong’s business operation needs, adjustment of its debt structure, working capital and/or investments.

“The investment community has really warmed up to credit-enhanced bonds, and we are seeing more interest from issuers,” said Capital Markets partner Jean Thio.

Earlier this October, Clifford Chance also advised HSBC as the sole global coordinator, bookrunner and lead manager onĀ  Haitong International Securities Group Limited (Haitong International), a subsidiary of Haitong Securities, on its issuance of HK$776 million 1.25% convertible bonds due 2018. The firm also advised on Haitong Securities’ US$1.68 billion H share listing on the Hong Kong Stock Exchange last year, one of the largest IPOs in 2012.

Capital Markets partners Jean Thio and Connie Heng led on the transaction and were supported by counsel Angela Chan and associates Ambroise Ng and Samia Qian.

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