Clifford Chance advised the underwriters (BOCI, Deutsche Bank, Merrill Lynch, CCBI, CLSA, CMBI, Huatai Financial Holdings , ICBCI, J.P. Morgan, Société Générale and UBS) on the issue of US$300 million and EUR200 million zero coupon notes, both exchangeable for the Hong Kong Stock Exchange-listed shares of China Construction Bank and due 2021, by special purpose issuing vehicles of, and guaranteed by, China Yangtze Power Co., Ltd. China Yangtze Power is the largest hydro power company globally and a subsidiary of China Three Gorges Group.

Advised by King & Wood Mallesons (KWM), China Industrial Securities International Financial Group Limited (CISI, Stock Code: 8407) launched its initial public offering on the GEM Board of the Hong Kong Stock Exchange (HKSE). The IPO comprised a total of 1 billion shares issued, including 100 million H-shares. Priced at HK$1.33 per share, the IPO raised approximately HK$1.283 billion.

Slaughter and May and Uría Menéndez, working as an integrated team, are advising Banco Santander, S.A. on an agreement to acquire the remaining 50% stake in Santander Asset Management (SAM) currently held by global private equity firms Warburg Pincus and General Atlantic. As a result of the agreement, which was announced on 16 November 2016 and is conditional upon regulatory approvals, the Santander Group will acquire 100% ownership of SAM.

Orrick has advised Crédit Agricole Assurances and AXA IM - Real Assets in their joint acquisition of a 42 percent stake in Atlandes, the concession holder of France’s A63 motorway, from InfraRed Capital Partners. The remaining 58 percent of Atlandes is held by minority industrial and financial investors. This transaction is the first partnership between these two institutional investors and is the first direct investment into the infrastructure sector by AXA’s infrastructure equity team.

Credit Suisse AG acted as lead manager together with Bank Julius Baer & Co. Ltd and Bank Vontobel AG as co-managers. The bonds have been listed on the SIX Swiss Exchange.

The proceeds from the issue of the bonds were used to refinance a syndicated loan which had been underwritten and funded by Credit Suisse AG and applied to partially finance the acquisition of the Finacrotec Group.

Clifford Chance has advised a group of banks on multiple EDF bond issuances with a market value totalling almost €5 billion, including two U.S. dollar denominated bonds listed on the Taipei Exchange ("Formosa Bonds"), a Euro-denominated Green Bond issuance and a Euro-denominated senior vanilla notes issuance under its €45,000,000 Euro Medium Term Note Programme.

1. A total of U.S.$ 2.655 billion was raised through the two senior Formosa Bonds on 21 October 2016:

Clifford Chance advised the joint lead managers (Bank of China Limited, London Branch, Bank of China (Hong Kong) Limited, BOCI Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, Citigroup Global Markets Limited, Barclays Bank PLC, China Construction Bank (Asia) Corporation Limited, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, Société Générale and Standard Chartered Bank) on Bank of China Limited's issuance of $500 million green covered bonds due 2019 under the Bank's US$5 billion Medium Term Note Programme.

Clifford Chance continues its strong track record advising on Additional Tier 1 issuances. Most recently the Firm acted for the underwriters on China Cinda Asset Management's issuance of US$3.2 billion in aggregate principal amount of 4.45% non-cumulative perpetual offshore preference shares. This is the first preference share offering by a non-bank financial institution from China to replenish Additional Tier 1 capital. Partners Angela Chan and Fang Liu led the team and they were supported by associates Song Yue, Torrance Shi and Nancy Mu.

Completing another major transaction in the Indonesia energy infrastructure space, Milbank, Tweed, Hadley & McCloy LLP advised the Korea Trade Insurance Corp. (K-sure) and a group of commercial banks in connection with the more than US$147 million financing of a hydroelectric power project on the Indonesia island of Sumatra.

The Hasang Hydroelectric Power Project, scheduled for completion in 2019, will consist of three 13-megawatt generators located in northern Sumatra, the westernmost island of the Indonesian archipelago.

Baker & McKenzie assisted UniCredit Group in relation to securing the performance of receivables arising from financial leases from UniCredit Leasing SpA for approximately EUR 3.8 billion. The special purpose entity Locat SV S.r.l financed the operation through the issuance of asset-backed securities listed on the Dublin Stock Exchange to constitute a guarantee for the program of monetary policy operations of the parent company UniCredit S.p.A. at the European Central Bank.