Herbert Smith Freehills has recently advised BOCI Asia Limited, Citigroup Global Markets Limited and J.P. Morgan Securities plc as the Joint Lead Managers on the issuance of US$300 million 4.125% guaranteed notes due 2022 by China Taiping Capital Limited, a wholly-owned subsidiary of China Taiping Insurance Holdings Company Limited, an insurance conglomerate incorporated and headquartered in Hong Kong. The transaction closed on 21 November 2012.
The notes, rated BBB+ by Fitch and BBB- by S&P, is one of the very few and landmark USD senior bonds issued by an Asian insurer in recent years.
China Taiping Insurance Holdings Company Limited, the Guarantor of the Notes, engages in life insurance in the PRC, property and casualty insurance in the PRC and in Hong Kong and all classes of global reinsurance business. The company is currently listed on the Hong Kong Stock Exchange.
Herbert Smith Freehills advised on English, US and Hong Kong law for the Joint Lead Managers on this transaction. The team was led by corporate partners Jason Sung, Tommy Tong, Kevin Roy and Philip Lee, who were supported by associates Jin Kong, Elisa Leung, Geng Li, George Wu, Nupur Kant and Yun Chen.
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