Herbert Smith Freehills has advised China Merchants Bank on the update of its US$5 billion MTN program and on a US$500 million bond issuance under the program.

The MTN program and bonds are listed on the Hong Kong Stock Exchange. The 144A/Reg S US-dollar senior bonds have a coupon of 2.375% and mature in three years.

Hong Kong and Shanghai-listed China Merchants Bank is one of the largest commercial banks in China. Herbert Smith Freehills has advised the bank on a number of capital markets transactions, including the first and second drawdown under its US$5 billion Medium Term Note Program established in 2014, as well as the lender's US$1 billion H-rights share issuance in Hong Kong in 2013, shortly after its US$4.5 billion Shanghai listing of A-shares.

Hong Kong partner Kevin Roy led the Herbert Smith Freehills team on this transaction, assisted by associates George Wu, Stanley Xie and Mo Fei, and paralegal Jeffrey Lee.  Senior associate Sherry Lai advised on the Hong Kong Stock Exchange listing aspects.

Bank of America Merrill Lynch, Citigroup, CMB International, HSBC and UBS were the joint global co-ordinators and bookrunners, together with ANZ and Wing Lung Bank who acted as bookrunners.