Herbert Smith has recently advised Industrial and Commercial Bank of China Limited (“ICBC”) on its issue of RMB 1 billion (US$157 million) three-year fixed-rate bonds due 2015. This is the first overseas RMB bond issue by ICBC, the world’s largest bank in terms of market capitalisation.
The relationship between ICBC and Herbert Smith dated back to 2006, when the firm advised ICBC on its US$21.9 billion initial public offering, which was the world’s largest IPO at the time and the first simultaneous dual listing on the Hong Kong and Shanghai stock exchanges.
The Herbert Smith team was led by corporate partner Tom Chau who advised on the Hong Kong law aspects of the transaction. He was supported by associates Isaac Chen and Lawrence Wang.
The US securities team was led by partner Kevin Roy supported by counsel Zhong Wang, consultant Cindy Kao and associate Jin Kong.
Tom Chau commented:
“We are very pleased to have had an opportunity to work with ICBC again on the firm’s first overseas RMB bond offering. This transaction once again confirms our position as one of the leading capital markets practices in Greater China.”
Industrial and Commercial Bank of China (Asia) Limited, ICBC International Capital Limited, The Hongkong and Shanghai Banking Corporation Limited, Nomura International Plc, Goldman Sachs (Asia) L.L.C., Bank of Communications Co., Limited Hong Kong Branch and BOCOM International Securities Limited served as joint lead managers and joint bookrunners of the issue, who were advised by Linklaters.
