hina Yangtze Power Co., Ltd.’s US$300 million and EUR200 million zero coupon notes issue

Clifford Chance advised the underwriters on the issue of US$300 million and EUR200 million zero coupon notes, both exchangeable for the Hong Kong Stock Exchange-listed shares of China Construction Bank and due 2021, by special purpose issuing vehicles of, and guaranteed by, China Yangtze Power Co., Ltd.

China Yangtze Power is the largest hydro power company globally and a subsidiary of China Three Gorges Group.

BOCI, Deutsche Bank, Merrill Lynch, CCBI, CLSA, CMBI, Huatai Financial Holdings , ICBCI, J.P. Morgan, Société Générale and UBS acted as underwriters on the issue.

Clifford Chance advised the underwriters with a team led by partner Fang Liu (picture) and consultant David Tsai, assisted by partner Matt Fairclough, senior associate Yue Song, associate Vivian Li and trainee Cleo Chau.

Involved fees earner: Fang Liu – Clifford Chance; David Tsai – Clifford Chance; Matt Fairclough – Clifford Chance; Song Yue – Clifford Chance; Vivian Li – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Deutsche Bank; JP Morgan; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Société Générale; UBS; ICBC International Capital; CLSA; CCB International; Huatai Financial Holdings Limited; CMB International Capital Limited; BOCI Asia Limited;