Herbert Smith Freehills has advised State Grid Corporation of China on its latest medium term multi-tranche bond programme, worth US$7.7 billion in total.

The first draw down under the programme raised US$5 billion last week, the largest G3 bond this year, and the largest bond issue ever by a Chinese State-owned enterprise.

State Grid is the largest corporation in China by 2015 revenue, and the largest utility corporation in the world. It delivers power to 1.1 billion people in 26 provinces, reaching 88% of China's population. It also operates overseas assets in Australia, The Philippines, Brazil and Portugal.

In Beijing, partners Tom Chau and Zhong Wang advised State Grid, assisted by senior associate Isaac Chen. US securities advice was provided by partner Siddhartha Sivaramakrishnan, senior associate Jin Kong in Singapore and associate George Wu in Hong Kong.

"This year marks the fifth anniversary since State Grid first tapped the overseas bond market in 2013," said Tom.

"We have advised State Grid on all of its overseas bond offerings to date and that work has raised an aggregate of over US$12.6 billion. It's been a pleasure to work alongside the company as it continues to expand its international presence."

"The success of the offering in uncertain markets is a testament to State Grid's strong global reputation and indicates there is plenty of investor demand for issues backed by solid company fundamentals," said Zhong.