Jurisdiction - China
Herbert Smith Freehills Advises China Merchants Bank On USD 5bn MTN Program Update And USD 500m Bond Issuance In Hong Kong.

18 May, 2015


Herbert Smith Freehills has advised China Merchants Bank on the update of its USD 5bn MTN program and on a USD 500m 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 a major commercial bank in China. Herbert Smith Freehills has advised the bank on a number of capital markets transactions, including the first and second drawdown under its USD 5bn Medium Term Note Program established in 2014, as well as the lender’s USD 1bn H-rights share issuance in Hong Kong in 2013, shortly after its USD 4.5bn Shanghai listing of A-shares.

Hong Kong partner Kevin Roy led the Herbert Smith Freehills team on this transaction.

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.


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