Jurisdiction - China
Herbert Smith Freehills Advises China Merchants Bank On RMB 2bn Medium Term Note Program Drawdown.

13 January, 2015


Herbert Smith Freehills has advised China Merchants Bank Co. Ltd. Hong Kong Branch on the second drawdown of its USD 5bn Medium Term Note (MTN) Program established in 2014. 


The second drawdown consisted of RMB 1bn Formosa bonds, issued and listed in Taiwan, and another RMB 1bn worth of Lion City bonds, issued and listed in Singapore. The Formosa bonds have a 4.05% coupon and will mature in 2019 while the Lion City bonds have a 3.95% coupon and mature in 2017. 


The net proceeds of the drawdown notes will be used for working capital and general corporate purposes.


The Herbert Smith Freehills team on the deal was led by Hong Kong partner Kevin Roy.


HSBC was the lead manager on the transaction. 


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