Japan


Davis Polk & Wardwell and Nagashima Ohno & Tsunematsu have advised Sumitomo Mitsui Financial Group Inc. on the issue of its $2 billion U.S. dollar-denominated bonds on the Singapore Exchange. Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui, sold three-, five- and 10-year debt at 0.9 percent, 1.5 percent, and 3 percent interest rates, respectively. The Davis Polk team was led by Tokyo partner Theodore Paradise, advising on U.S. law. Nagashima Ohno Tokyo partner Fumihide Sugimoto advised the issuer on Japanese law. Simpson Thacher & Bartlett partners Alan Cannon in Tokyo and Robert Holo in New York advised the initial purchasers—Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank Plc., J.P. Morgan Securities, and SMBC Nikko Capital Markets Ltd.—on the debt offering. [Read full story]

 

China/ Hong Kong

 
Mayer Brown is acting for China’s Sinochem Group on a $1.7 billion investment in a Texas shale oil and gas project held by Dallas-based Pioneer Natural Resources Co. The firm’s team consists of partners Kevin Shaw, William Moss, and Pablo Ferrante in Houston; Timothy Keeler in Washington, D.C., Irene Lau in Hong Kong, and Henry Wang in Beijing. Houston-based Vinson & Elkins is representing Pioneer Natural Resources, using a team of partners that comprised four offices: David Cohen in New York; Shay Kuperman and Marcia Backus in Houston; Christopher Dawe, Thomas Crichton, and Todd Way in Dallas; and William Vigdor in Washington, D.C. [Read full story]
 

Baker & McKenzie Hong Kong partners Milton Cheng and Andrew Lockhart have advised Cheung Kong (Holdings) Ltd. and its wholly owned subsidiary, Cheung Kong Bond Securities (03) Ltd. on a $500 million U.S.-dollar-denominated senior notes offering on the Hong Kong Stock Exchange. The issuer, controlled by Asia’s richest man, Li Ka-shing, also engaged Maples and Calder Hong Kong partner Christine Chang as offshore counsel to advise on British Virgin Islands law. The underwriters—Barclays and BofA Merrill Lynch—were advised by Clifford Chance partner Matthew Fairclough in Hong Kong.

 
China-focused property developer Longfor Properties Co. Ltd. has issued $500 million worth of 10-year senior notes on the Hong Kong Stock Exchange. The issuer was advised by Davis Polk & Wardwell partners William Barron and Paul Chow in Hong Kong and Beijing-based Commerce & Finance Law Office. Chancery Chambers also advised on Barbados law and Conyers Dill & Pearman partner Flora Wong on British Virgin Islands and Cayman Islands law. Sidley Austin Singapore partner Matthew Sheridan and Beijing firm Zhonglun Law Firm advised underwriters Citigroup Global Markets Ltd., The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International Plc., and Standard Chartered Bank on U.S. and Chinese law, respectively.
 
Latham & Watkins and Maples and Calder have advised Hong Kong lighting products manufacturer Metropolitan Light International Ltd. on a $450 million notes issue on the Hong Kong Stock Exchange. The notes are due in 2018 and have been guaranteed by parent company Metropolitan Light Company Ltd. and integrated telecommunications company Hong Kong Broadband Network Ltd. The Maples and Calder team was led by partner Greg Knowles. J.P. Morgan, Standard Chartered Bank, and UBS acted as underwriters and were advised by Sidley Austin on English law.
 
Sparkle Assets Ltd., an indirect subsidiary of Hong Kong diversified business holding company Fosun International Ltd., has issued $400 million worth of notes due in 2020 on the Hong Kong Stock Exchange. Sidley Austin Singapore partner Matthew Sheridan and Hong Kong partner Constance Choy advised the issuer on U.S. and Hong Kong law. Shanghai-based Chen & Co. Law Firm represented Fosun International on Chinese law. Davis Polk & Wardwell partner William Barron and Beijing-based Grandall Legal Group respectively acted as Hong Kong and Chinese counsel for the initial purchasers—The Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Bank, and UBS AG.
 
Chinese property developer Fantasia Holdings Group Co. Ltd. has issued $250 million worth of senior notes on the Hong Kong Stock Exchange. Sidley Austin Singapore partner Matthew Sheridan and Hong Kong partner Constance Choy advised the issuer on U.S. and Hong Kong law, along with King & Wood Mallesons, which advised on Chinese law. Conyers Dill & Pearman partner Anna Chong advised on British Virgin Islands and Cayman Islands law. Davis Polk & Wardwell partners Eugene Gregor in Hong Kong and John Paton in London and Beijing-based Commerce & Finance Law Offices advised Merrill Lynch International and Citigroup Global Markets Ltd. as initial purchasers.
 
China Aoyuan Property Group Ltd. has offered $100 million worth of five-year senior notes on the Hong Kong Stock Exchange. Linklaters advised the issuer on U.S. and Hong Kong law. Guangdong firm Guangxin Lawyers and offshore firm Conyers Dill & Pearman also acted for the issuer. Davis Polk & Wardwell partners William Barron and James Lin in Hong Kong and Beijing firm Haiwen & Partners advised underwriters Citigroup Global Markets Limited, Merrill Lynch International, and UBS AG.
 


Korea
 

The Korea Development Bank has issued a $500 million tranche of notes due in 2016 and another $500 million tranche due in 2018. Proceeds will be used for the bank’s general operations, including extending foreign currency loans and repaying maturing debt. The issuer was advised by Cleary Gottlieb Steen & Hamilton Hong Kong partner Jinduk Han on U.S. law and Seoul-based Jipyong & Jisung on Korean law. Davis Polk & Wardwell Hong Kong partner Eugene Gregor advised underwriters Barclays Bank Plc., Daiwa Capital Markets Europe Ltd., Goldman Sachs International, The Hongkong and Shanghai Banking Corporation Ltd., KDB Asia Ltd., Merrill Lynch, Pierce, Fenner & Smith Inc., and UBS AG.
 


Southeast Asia
 

Baker & McKenzie and Latham & Watkins have advised Thai Oil Public Co. Ltd. on a $1 billion bond issue. The refining and petrochemical company, a division of state-owned energy and chemicals conglomerate PTT Group, sold two tranches of dollar-denominated senior notes on the Singapore Exchange. Baker & McKenzie Bangkok partner Viroj Piyawattanametha led the team advising Thai Oil on local law, while Latham Singapore partners Michael Sturrock and Timothy Hia advised on U.S. law. Allen & Overy acted for underwriters Barclays Plc., The Hongkong and Shanghai Banking Corp. Ltd., and Standard Chartered Bank as joint bookrunners and joint lead managers for the transaction.
 
Indonesia’s PT Indika Energy Tbk. has issued $500 million in high-yield notes on the Singapore Exchange. The notes, which are due in 2023, were offered by Indika’s wholly owned subsidiary Indo Energy Finance II B.V. The Mayer Brown team was led by partners Jason Elder in Hong Kong, Jason Bazar in New York, and Stephanie Monaco in Washington, D.C. Jakarta-based Melli Darsa advised on Indonesian law, Allen & Overy advised on Dutch law, WongPartnership partner Colin Ong advised on Singapore law, and Conyers Dill & Pearman partner Anna Chong acted as British Virgin Islands counsel. A Davis Polk & Wardwell team led by William Barron in Hong Kong and Indonesian firm Assegaf Hamzah & Partners advised the underwriters.
 
Davis Polk & Wardwell has advised Philippine infrastructure holding company Metro Pacific Investments Corp. on a $150 million share placement deal. Proceeds from the sale will be used to invest in the company’s water, road, and hospital businesses, and also to expand into new business areas including light rails and airports. The Davis Polk team was led by Hong Kong partner William Barron. Manila-based Picazo Buyco Tan Fider and Santos also advised the issuer. Allen & Overy advised financial advisers CLSA Limited and UBS AG.
 


Australia
 

Westpac Banking Corp. has issued $500 million worth of debt. The notes are convertible, transferable, redeemable, subordinated, perpetual, and unsecured. Australian firm Allens advised the issuer. Herbert Smith Freehills Sydney partner Philippa Stone acted for underwriters Westpac Institutional Bank, Deutsche Bank Securities Ltd., ANZ Securities, UBS AG., Macquarie Capital Ltd., Morgan Stanley and the Commonwealth Bank of Australia.
 
Email: jseah@alm.com .