Clifford Chance on $900 Million Haitong Bond Offering

, The Asian Lawyer

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Clifford Chance has advised Haitong Securities Co., Ltd. on a $900 million bond offering, the Chinese brokerage’s first dollar-denominated issue.

Handled through an indirect wholly-owned subsidiary, the offering consists of unrated, credit-enhanced five-year bonds with a 3.95 percent coupon. Bank of China Singapore provided the credit enhancement, while Haitong Securities put up a keepwell deed.

The deal is the second-largest credit-enhanced offering so far, following a $1 billion offer by China Cosco Holdings Ltd. last November.

Hong Kong capital markets partners Jean Thio and Connie Heng acted for Haitong on the issue.

Linklaters represented joint global coordinators Bank of China Ltd., Bank of China (Hong Kong) Ltd., BOCI Asia Ltd., Deutsche Bank AG, and Haitong International Securities Co. Ltd.

Email: tbrennan@alm.com.

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