Largest-ever CB issue by China Unicom
November 09, 2010 | BY
Candice MakA subsidiary of China Unicom has issued a US$1.838 billion Regulation S convertible bond (CB). This is the largest ever international CB offering in Asia…
A subsidiary of China Unicom has issued a US$1.838 billion Regulation S convertible bond (CB). This is the largest ever international CB offering in Asia ex-Japan since Sinopec's US$1.5 billion CB issue in 2007. The China Unicom-guaranteed, 5-year CBs will mature in October 2015 and will be listed on the Hong Kong Stock Exchange.
A state-controlled enterprise, Chinacom is one of China's largest telecommunications service provider and is listed on the Hong Kong and New York stock exchanges. The joint underwriters on this deal were China International Capital Corporation, Goldman Sachs and Nomura.
Herbert Smith Hong Kong partner Kevin Roy led a team that advised the joint underwriters. Sullivan & Cromwell and Freshfields Bruckhaus Deringer represented the issuer in relation to US law and Hong Kong law respectively.
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now