Cadwalader advises on the first Swiss Franc bond offering by a Chinese Corporate issuer

Jun 24, 2015

Contact(s)

Bridget Uebel
London
+44 (0) 20 7170 8691
bridget.uebel@cwt.com

Cadwalader, Wickersham & Taft LLP, a leading law firm to global corporations and financial institutions, has successfully advised UBS AG and HSBC Bank plc as underwriters on the inaugural CHF250 million bond offering by Sinochem Offshore Capital Company Limited. The issuance of 0.76% notes due 2022 is guaranteed by Sinochem Hong Kong Group Company Limited (“Sinochem”) under its medium term note programme established in 2014. The transaction was completed on 17 June 2015.

This deal  represents two market firsts. It is the first-ever Swiss Franc bond offering by a Chinese corporate issuer, and also the first CHF corporate bond issuance in the emerging markets globally since November 2014. The Notes were provisionally admitted to trading on the SIX Swiss Exchange and offered to the public in Switzerland solely.  Restrictions apply to trades outside Switzerland.

Sinochem Offshore Capital Company Limited is based in Hong Kong and operates as Sinochem’s SPV for note offerings under its MTN programme.

“We are delighted to have been involved in this debut transaction which sets a precedent for Chinese corporations to start to tap into the Swiss capital markets,” comments corporate and capital markets partner Rose Zhu who led the transaction.

The cross-border Cadwalader team led by Beijing corporate and capital markets partner Rose Zhu and Hong Kong capital markets associate John Kim, with London capital markets partners Angus Duncan and Nick Shiren, and tax partner Adam Blakemore, advised the underwriters on English law aspects of the transaction.

Cadwalader has been advising clients in China and across the region for over a decade, providing premier legal services to leading U.S., U.K. and European financial institutions and multinational companies doing business and investing in Asia. Cadwalader also serves China-based entities in their international business activities and investments into the U.S. and throughout the world.

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凯威莱德就中国公司发行人进行首次瑞郎债券发行提供法律服务 

北京、香港,2015624——凯威莱德律师事务所是世界一流的律师事务所,致力于为全球企业和金融机构提供专业、高效的法律服务。该所近日宣布,已成功就中化离岸资本有限公司于中化香港(集团)有限公司(“中化香港”)2014年设立的中期票据计划下首次进行的2.5亿瑞郎债券发行项目,为承销商瑞士银行和汇丰银行提供法律服务。中化香港根据中期票据计划对本次发行的2022年到期、票息率为0.76%的此债券提供担保。该交易于2015年6月17日完成。

本次交易创下市场两个“首次”:首次由中国公司发行人进行的瑞郎债券发行,以及自2014年11月以来全球新兴市场的首次瑞郎公司债券发行。此次发行的票据暂定获准在瑞士证券交易所买卖,并只可向瑞士的公众人士发售。在瑞士以外地方进行的买卖附有某些限制。

中化离岸资本有限公司以香港为业务基地,是中化香港根据其中期票据计划进行票据发行而设立的特殊目的公司。

“该首次交易创造了中国公司开拓瑞士资本市场的先例,我们很高兴能参与其中。”公司及资本市场事务部的合伙人朱文红律师说道。

凯威莱德的跨境团队由驻北京办事处的公司及资本市场事务部合伙人朱文红律师、驻香港办事处的资本市场事务部的金基贤律师带领;同时,驻伦敦办事处的资本市场事务部合伙人Angus Duncan、Nick Shiren以及税务部合伙人Adam Blakemore就交易的英国法律方面事宜为承销商提供法律意见。

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