Landmark transaction is the first ever cross-border exchangeable bond transaction in Australia.

Latham & Watkins represented Hunan Valin Iron and Steel Group Co., Ltd. on the issuance of US$354.8 million exchangeable bonds due 2021 through its wholly-owned subsidiary in Singapore. The bonds are exchangeable into shares of Fortescue Metals Group Ltd., an iron ore producer, listed on the Australian Securities Exchange. This deal is the first ever cross-border exchangeable bond issuance in Australia and the first equity-linked transaction to come out from Australia since 2013.

“We are delighted to have advised on this landmark exchangeable bond issuance. This deal demonstrates Latham’s capital markets experience, particularly in the equity-linked space, and highlights our global expertise,” said Posit Laohaphan, Global Co-chair of the Financial Institutions Industry Group.

“With over twenty years’ experience in China, our PRC capabilities and local knowledge were essential in delivering for our client,” said partner Allen Wang, who co-led the deal.

The Latham & Watkins team was co-led by Hong Kong partner Posit Laohaphan and Boston partner Allen Wang with Hong Kong counsel Dominik Sklenar, Hong Kong associates Zheng Wang, Raymond Cheng and Michael Yang, Singapore associate Marcus Lee and Beijing associate Susan Yang.