King & Wood Mallesons’ (KWM) Hong Kong-based debt capital markets (DCM) team has wrapped up a stellar 2021, completing over 100 debt offerings. Despite the challenging conditions of the offshore bond market, the team has continued the strong performance set in H1 2021. Trusted by both issuers and underwriters, the team has advised across a range of significant investment-grade debt offerings and retained its leading position in advising large Chinese state-owned enterprises on offshore debt offerings. Additionally, the team has advised issuers and underwriters on a number of high-yield issuances, liability management exercises and notable debt restructuring transactions.
Notable transactions the team has recently completed include:
- Advising Cloud Network Technology Singapore Pte. Ltd. as issuer and Foxconn Industrial Internet Co., Ltd. as guarantor in connection with the establishment of a US$2 billion medium term note programme;
- Advising the joint lead managers in connection with the issuance of senior notes with an aggregate principal amount of US$1.2 billion and the additional issuance with an aggregate principal amount of US$700 million by SF Holding Investment 2021 Limited guaranteed by S.F. Holding Co., Ltd.;
- Advising CMS International Gemstone Limited as issuer and China Merchants Securities International Company Limited as guarantor in connection with the establishment of a US$2 billion medium term note programme, and issuance of senior notes with an aggregate principal amount of US$500 million under the programme;
- Advising the joint lead managers in connection with the issuance of credit enhanced bonds with an aggregate principal amount of US$300 million by GF Financial Holdings BVI Ltd. with the benefit of a keepwell deed provided by GF Holdings (Hong Kong) Corporation Limited and an irrevocable standby letter of credit issued by Nanyang Commercial Bank;
- Advising Ming Yang Smart Energy Group Limited in connection with the issuance of its US$200 million credit enhanced green bonds - the first MOX-cleared green bond issuance by an industrial enterprise in the Greater Bay Area;
- Advising the joint lead managers in connection with the issuance of the US$500 million guaranteed notes by Beijing Gas Singapore Capital Corporation guaranteed by Beijing Gas Group Company Limited; and
- Advising Yango Justice International Limited as issuer and Yango Group Co., Ltd. as guarantor in connection with the exchange offers in respect of three series of outstanding notes in the aggregate principal amount of US$747 million and consent solicitations for five other series of outstanding notes with an aggregate principal amount of US$1,497 million.
The KWM Hong Kong DCM team is led by Hao Zhou, Richard Mazzochi, Michael Lu and Song Yue.
King & Wood Mallesons is the largest law firm in Hong Kong (according to the latest statistics based on lawyers’ headcount released by The Law Society of Hong Kong). The firm's unique strength in DCM has been recognised by notable legal publications, having ranked Band 1 for Debt Capital Markets (Asia-Pacific region) and Band 2 (Greater China – International Firm) in the latest Chambers Asia-Pacific 2022 guide. The firm has been awarded “Best Law Firm in Hong Kong” by FinanceAsia Award, which recognises the best law firms and financial institutions in Asia’s key markets, for consecutive years.
*Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China”.
