Magic circle firms line up on Chinese bond issuances
Linklaters, Allen & Overy and Clifford Chance win lead roles as Chinese banks issue debt in London
October 22, 2015 at 05:49 AM
3 minute read
Linklaters, Allen & Overy, Clifford Chance and Davis Polk & Wardwell have all won roles on a series of bond issuances by Chinese banks on the London Stock Exchange (LSE).
The listings are all being timed to coincide with China's President Xi Jinping's state visit to the UK.
Linklaters is advising the People's Bank of China, China's central bank, as it issues R5bn of 3.10% bonds in London this week.
This is the first time renminbi government bonds have been issued outside China.
Linklaters team is being led by Hong Kong-based capital markets partners William Liu and Andrew Carmichael.
Davis Polk & Wardwell is advising the managers, Industrial & Commercial Bank of China and HSBC, on the deal. Its team is being led by corporate partners Paul Chow and Antony Dapiran.
Linklaters is also acting for the China Development Bank on its first multi-currency bond issue in 10 years with a team led by Liu and Carmichael.
Clifford Chance (CC) is advising the managers on the China Development Bank deal. These include Bank of China, Bank of Communications, Standard Chartered Bank, HSBC, BNP Paribas and JP Morgan
Its team includes Asia head of capital markets Connie Heng and capital markets partner Angela Chan.
In a third issuance Allen & Overy is representing China Construction Bank as it sells R1bn 4.3% bonds due in 2017. Its team is led by capital markets consultant Agnes Tsang.
Linklaters is acting for the managers – Bank of China, Bank of Communications, Standard Chartered Bank, HSBC, BNP Paribas and JP Morgan – on China Construction Bank's issuance. Its team is being led by Carmichael and Hong Kong capital markets partner Hwang Hwa Sim.
CC also landed a role on a fourth issuance this week by Agricultural Bank of China, which is issuing $1bn in two currency bonds. It's team includes Chan and capital markets partners Fang Liu and Stewart Dunlop.
Linklaters is advising the managers, Barclays, HSBC, JP Morgan, Goldman Sachs, Merill Lynch, Morgan Stanley, Standard Chartered and Wells Fargo, on the issuance with a team led by Liu, Carmichael and Hwa Sim.
In June Linklaters led for Bank of China on raising $3.5bn (£2.2bn) from the international bond markets for infrastructure projects. Liu also led on this deal, alongside Hong Kong capital markets partner Michael Ng.
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