Magic Circle Firms Act on Bond Issue Aimed at Fighting Coronavirus
Local law firm JunHe and KWM also picked up roles on the $213 million debt capital markets transaction.
February 26, 2020 at 07:48 AM
2 minute read
Coronavirus Italy. Credit: Bloomberg
Clifford Chance, Linklaters and King & Wood Mallesons (KWM) have taken leading roles on the first dim sum bonds to be issued with the aim of combating the impact of coronavirus.
CC is advising the joint global coordinators, bookrunners and lead managers on the Agricultural Development Bank of China's (ADBC) bonds worth 1.5 billion Chinese Yuan ($213 million), which run for five years.
Clifford Chance's lead partner on the transaction, Mark Chan, said in a statement: "We are proud to advise on this first of its kind transaction which will provide capital for ADBC's development of rural areas, as well as financing loans and other financial support to help prevent and control the spread of the coronavirus."
Linklaters is the English and Hong Kong adviser to the issuer, while KWM is acting as lead counsel to the People's Republic of China. Chinese law firm Junhe Law Office has also picked up a role as counsel to the bond's underwriters.
The threat of coronavirus has sparked a global response within the legal sector, with several firms closing their offices in Mainland China and instructing their lawyers to work from home.
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