BKL advised Daewoo Securities Co., Ltd., as arranger on the successful issuance of CNY180,000,000 3.7% Bonds due 2016 (the "Bonds") in Korea by the Industrial and Commercial Bank of China (Asia) Limited ("ICBC"). BKL's dedicated team included partners Young Joon Cho and Hee-Gang Shin, associate Seung-Il Hong, and foreign legal advisor Heesug Chung from the Capital Markets team.

This issuance of Chinese Yuen denominated bonds in Korea by ICBC marks the first Chinese Yuen denominated bond issuance in Korea by a foreign issuer, and is expected to serve as an important precedent for other foreign issuers, including Chinese financial institutions, in procuring funds through issuance of Chinese Yuen denominated bonds in the Korean market. In particular, this transaction was significant in that it was the first bond issuance by a Chinese financial institution by way of registration with the Korea Securities Depository (the “KSD”) without issuing physical bond certificates, pursuant to the Registration of Bonds and Debentures Act in Korea. During the Korea-China summit in July 2014, the two countries agreed to promote issuance of Chinese Yuen denominated bonds in Korea by companies and financial institutions in Korea and other jurisdictions, and this issuance of Chinese Yuen denominated bonds in Korea by ICBC, being the very first issuance of Chinese Yuen denominated bonds by a foreign issuer, is understood to be the result of such efforts.

For this unprecedented transaction, BKL's dedicated team advised on all aspects of ICBC's issuance of the Bonds, including preparing and negotiating relevant agreements, reviewing the terms and conditions of the issuance as well as relevant laws and regulations for the issuance of bonds by registration with the KSD, and advising on other relevant Korean laws and regulations, such as the Financial Investment Services and Capital Markets Act, in connection with the issuance of Chinese Yuen denominated bonds by a foreign issuer in Korea.