Linklaters advised the sole global coordinator on the issuance of HK$8bn (approx. US$1.02bn) convertible bonds by Henderson Land Development Company Limited (Henderson Land). The transaction represents the largest ever convertible bond issuance in the Hong Kong property sector.
The bonds are expected to be listed on the Vienna MTF operated by the Vienna Stock Exchange.
Listed in Hong Kong since 1981, Henderson Land is a leading property developer with businesses in Hong Kong SAR and throughout mainland China. The proceeds from the issuance will be used for general corporate purposes and refinancing.
The Linklaters team was led by capital markets partners Taiki Ki and Michael Ng, with support from solicitor Jenny Sun.
This transaction continues a recent notable trend of sizeable Hong Kong dollar denominated equity-linked transactions, including SF Holding’s HK$5.9bn placing of shares and convertible bond issuance, Alibaba’s HK$12.023bn zero-coupon exchangeable bond issuance, Ping An Insurance’s HK$11.765bn convertible bonds, and Chow Tai Fook Jewellery Group’s HK$8.8bn convertible bond issuance, as advised on by Linklaters.
