KWM has advised on a number of significant international debt offerings by Chinese financial institutions, state-owned enterprises and leading private enterprises since around the end of 2023, acting as issuer or underwriter international counsel.
These notable transactions include*:
- advising the joint lead managers in connection with the issuance of US$350 million senior notes guaranteed by Dongxing Securities Co., Ltd.
- advising Guotai Junan Holdings Limited and Guotai Junan Securities Co., Ltd in connection with their update of the US$3 billion medium term note (MTN) Programme and the subsequent drawdown of US$400 million floating rate notes.
- advising China Development Bank Financial Leasing Co., Ltd in connection with its update of its US$10 billion MTN Programme.
- advising Huatai International Financial Holdings Limited on the drawdown of US$800 million floating-rate notes under its US$3 billion MTN Programme.
- advising the joint lead managers in connection with the issuance of CNY$800 million notes guaranteed by Shanghai Lingang Economic Development (Group) Co., Ltd., which is the first offshore RMB social bond issued by a non-financial institution.
- advising Minmetals Land Limited on the issuance of CNY$600 million credit enhanced bonds.
- advising the joint lead managers in connection with the issuance of two series credit enhanced sustainability-linked bonds with an aggregate principal amount of CNY$1.976 billion by New Hope Group Co., Ltd.
- advising the joint lead managers in connection with the issuance of two tranches of guaranteed notes with an aggregate principal amount of US$1 billion under the US$5 billion MTN Programme by China Cinda (HK) Holdings Limited.
- advising China CITIC Bank International Limited on the issuance of US$500 million Tier 2 Subordinated Notes under its US$3 billion MTN Programme, one of the largest issuances of Basel III-compliant USD capital instruments by a Hong Kong bank in 2023.
- advising Zhuhai Huafa Group Co., Ltd. on the issuance of CNY$1.9 billion senior perpetual bonds, the first offshore RMB perpetual bond issued by a local state-owned enterprise.
These transactions are evidence of the development of a diversified international debt capital market for issuers based in China. They demonstrate KWM’s technical excellence and extensive experience in advising on significant international debt offerings.
KWM has been ranked by Chambers Asia Pacific Legal Guide as a Band 1 Asia-Pacific firm in Debt Capital Markets for four consecutive years since 2021.
The above transactions were led by Hong Kong-based partners Hao Zhou, Michael Lu, and Song Yue.
*Note: the list above is arranged by alphabetical order of issuers’ Chinese name in Pinyin.
