China/Hong Kong
Slaughter and May Hong Kong partner Peter Brien has advised state-owned Industrial and Commercial Bank of China Ltd. on a $5 billion multicurrency commercial paper and certificate of deposit program. Commercial paper and certificate of deposits are securities that offer lower interest rates but less risk for investors, as they tend to carry short-term maturity dates of less than a year. Banks use that investor interest to raise money for shorter periods of time, largely for general corporate purposes. ICBC’s program will be handled out of its Singapore branch. Allen & Gledhill partners Margaret Chin, Ong Kangxin and Sunit Chhabra advised ICBC on Singapore law, with DeHeng Law Offices as Chinese counsel. Herbert Smith Freehills Singapore partner Philip Lee advised 18 underwriters including ICBC, Australia and New Zealand Banking Group Ltd., Bank of America Merrill Lynch International Ltd. and DBS Bank Ltd., among others. [Read full story]
