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.

Conventus Law