Herbert Smith Freehills is pleased to be advising Commonwealth Bank of Australia (CBA) on its issue of CommBank PERLS IX Capital Notes to raise approximately A$1.45 billion (with the ability to raise more or less) announced on 20 February 2017.

CBA is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities.

White & Case LLP has advised Banca Farmafactoring S.p.A. on the English and Italian law aspects of its subordinated Tier 2 bond of €100 million, 5.875 percent notes due 2027, prior to the optional redemption date. Morgan Stanley & Co. International plc acted as sole underwriter and lead manager.

The Notes will be listed on the regulated market of the Irish Stock Exchange.

The Firm recently represented Japan’s Mizuho Financial Group, Inc. (“MHFG”), in connection with its offering of US$1.5 billion of 2.953% Senior Notes due 2022, US$500 million of 3.663% Senior Notes due 2027 and US$1.25 billion of Senior Floating Rate Notes due 2022. The offering was made pursuant MHFG’s shelf registration statement on Form F-3 under the Securities Act. Mizuho Securities USA Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC  were representatives of the underwriters for the offering.

On February 8, 2017, Credit Suisse launched a new mortgage fund "Swiss Mortgage Fund I" (the Fund) which is authorised by the Swiss Financial Market Supervisory Authority FINMA and managed by independent asset manager Tavis Capital AG (Tavis). The Fund allows qualified Swiss investors to invest in a portfolio of income producing real estate mortgage loans originated by Credit Suisse.

King & Wood Mallesons (KWM) acted for ING Bank on its ground-breaking transaction with a PRC state-owned-enterprise lessor on the refinancing of the lessor’s acquisition and leasing of a wide body aircraft to an Indonesian airline.

This cross-border transaction required English law, PRC law and New York law expertise which KWM was able to provide as a one-stop-shop service to ING.

King & Wood Mallesons (KWM) has advised Xinhu (BVI) Holding Company Limited as its US and PRC counsel on its US$700 million 6.00% guaranteed senior notes offering due 2020 guaranteed by Xinhu Zhongbao Co., Ltd (Xinhu Zhongbao). The transaction marks the largest debut high yield bond issuance by a PRC company since January 2013, according to the Bloomberg database.

A cross-practice team at Herbert Smith Freehills has advised on the establishment of Clear.Bank – the UK's first new clearing bank to enter the market for more than 250-years.

Unveiled for the first time today (28 Feb, 2017), Clear.Bank will officially open in Autumn 2017 to financial services providers, FCA-regulated businesses and Fintechs that require access to UK payment systems and core banking technology to support current account capabilities.

As lead adviser on this high-profile matter, Herbert Smith Freehills:

* US$300 million 7.95% Senior Guaranteed Perpetual Capital Securities
* Advised J.P. Morgan, HSBC, DBS Bank and DB Trustees for Road King Infrastructure
* Securities listed on Singapore Stock Exchange   

Collector Bank AB (publ), a subsidiary of Collector AB (publ) whose shares are listed on Nasdaq Stockholm has prepared an MTN program with a frame of SEK 5 billion for lending on the Nordic capital market. Collector intends to issue an SEK denominated non-subordinated and non-secured bond with a maturity period of three years, subject to a reservation for customary market terms and conditions and final confirmation from Collector Bank.

Sidley has advised the sole sponsor and the underwriters in the initial public offering of China YuHua Education Corporation Limited (China YuHua Education) on the Stock Exchange of Hong Kong. Our clients were CITIC CLSA Capital Markets Limited as the sole sponsor, as well as CLSA Limited, Merrill Lynch Far East Limited, Merrill Lynch International, CCB International Capital Limited, First Capital Securities Limited and Orient Securities (Hong Kong) Limited as the underwriters. The total offering amount was HK$1.5 billion (approximately US$198 million).