Leading international law firm Clifford Chance has advised on the first two issuances of securities designed to meet new capital standards for financial institutions in Hong Kong. These transactions, a Tier 2 subordinated note issuance by Chong Hing Bank Limited and a dated subordinated capital note issuance by China Life Insurance (Overseas) Company Limited, Hong Kong Branch, marked the first time that financial institutions in Hong Kong had issued securities under the new Financial Institutions (Resolution) Ordinance (FIRO) came into effect on 7 July 2017.

Leading international law firm Clifford Chance has advised on the first two issuances of securities designed to meet new capital standards for financial institutions in Hong Kong. These transactions, a Tier 2 subordinated note issuance by Chong Hing Bank Limited and a dated subordinated capital note issuance by China Life Insurance (Overseas) Company Limited, Hong Kong Branch, marked the first time that financial institutions in Hong Kong had issued securities under the new Financial Institutions (Resolution) Ordinance (FIRO) came into effect on 7 July 2017.

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised a syndicate of underwriters led by Morgan Stanley, Deutsche Bank and BofA Merrill Lynch as Joint Global Coordinators in connection with the issuance by SoftBank Group Corp. (‘SoftBank’) of its US$2.75 billion 6.000% Undated Subordinated NC6 Resettable Notes and US$1.75 billion 6.875% Undated Subordinated NC10 Resettable Notes. The perpetual notes, which are governed by English law, were listed on the Singapore Stock Exchange.

International law firm Watson Farley & Williams (“WFW”) advised Cosmote S.A. (“Cosmote”), a 100% subsidiary of OTE S.A. (“OTE”), on a €300m loan financing package provided by the European Investment Bank (“EIB”) and the European Bank for Reconstruction and Development (“EBRD”).

Slaughter and May advised DS Smith Plc on its issuance of €750 million 1.375 per cent. Notes due 2024 and £250 million 2.875 per cent. Notes due 2029. The Notes are listed on the Luxembourg Stock Exchange. The proceeds of the issuance will be used, amongst other things, to refinance the £400 million bridge facility entered into in relation to DS Smith Plc’s proposed US$920 million acquisition of Interstate Resources.

International law firm Trowers & Hamlins has advised Plymouth Community Homes on a large scale borrowing and refinancing deal.

The deal which was the client's first private placement deal involved a £60 million private placement, new £35 million revolving credit facility from Barclays Bank plc and refinancing of a £50 million loan with RBS.

Clifford Chance has advised a bank syndicate led by BNP PARIBAS, Crédit Agricole CIB and HSBC on a bond issue in the total volume of EUR 800 million. The bond was issued by Steinhoff Europe AG, a furniture and household goods retailer, and is guaranteed by Steinhoff International Holdings N.V. This was Steinhoff's debut issue in the Eurobond market.

The bond, issued in a denomination of EUR 100,000 on 24 July 2017, has a 7½ year term and bears an annual coupon of 1.875 per cent.

The Real Estate Finance Security Team at international law firm Trowers & Hamlins has advised London & Quadrant (L&Q) on the largest ever own-name bond issue by a housing association.

The issuance was conducted by way of a dual-tranche offering of Sterling Secured Notes in the form of £250 million 40-year bonds and £250 million 12-year bonds. Totalling £0.5 billion, it is believed to be the biggest own-name bond issue by a housing association to date.

Ashurst advised private equity investor Chequers Capital on the refinancing of the existing liabilities of its portfolio company Cordenka

The refinancing volume amounts to €132.5 million. Chequers acquired the leading global manufacturer of industrial rayon yarn for the tire industry in 2011.

On 17 July 2017, China National Petroleum Corporation (CNPC) successfully completed its first issuance of RMB10 billion exchangeable bonds to domestic public investors. It is currently the largest issuance of exchangeable bonds in China's securities market, with an issuance of RMB7 billion offline and an issuance of RMB3 billion online. The coupon rate of the bonds was set at 1.00% of the lower end of price inquiry range. These all set records in the market.