One deal involves what the firm says is “the largest convertible bond from a Singapore-based issuer in a decade”
Clifford Chance has guided leading bank HSBC in its role as the lead manager on a landmark S$850m deal involving what the firm said is “the largest convertible bond from a Singapore-based issuer in a decade.”
The transaction involves Singapore Airlines’ issuance of 1.65% five-year convertible bonds that are listed on the Singapore Exchange. The bonds are valued at approximately US$635m.
The firm claimed that the deal is also the biggest conversion premium achieved by an Asian airline issuer excluding Japan.
Citi and DBS also tapped Clifford Chance to assist them in their roles as arrangers in a transaction involving the updating and boosting of Singapore Airlines' multicurrency medium term note programme to US$10bn. In relation to this programme, the firm advised DBS and UOB with regard to a private placement of fixed rate notes valued at S$500m.
These two transactions closed at the same time as the convertible bond issue.
Clifford Chance also assisted HSBC, Citi and Bank of America on Singapore Airlines’ inaugural US dollar bond issuance. The 3% notes are valued at US$500m and are due in 2026.
Clifford Chance’s team was headed by Singapore-based capital markets partner Gareth Deiner, who worked on all the transactions with support from counsel Ying Chiang Chong, senior associate Claire Neo and associates Li Ser Wong and Vanessa Heng.
“We are honoured to have assisted on all of these strategic capital markets transactions for one of Singapore's most iconic companies and best-loved brands,” the firm said. “The diversity of the instruments and currencies deployed and the respective sizes and quality of the order books for each offering is testament to the confidence that investors have in Singapore Airlines.”
Partner and US federal securities law specialist Johannes Juette advised the trustee alongside senior consultant James Booth and associate Nicoll Gnoh.