Image of Jonathan Horan

Jonathan Horan

Capital Markets Partner, Singapore

I am an international capital markets specialist with extensive experience across Asia. Our team is trusted for our responsiveness, technical skills and commercial approach to transactions. I am focused on always delivering clear and commercial solutions across products and jurisdictions.  

Overview

Professional experience

Education and qualifications

Overview

Jon has extensive experience advising underwriters, issuers, investors and trustees across Asia. He acts on the full range of capital markets products, including equity-linked issues (hybrid, exchangeable and convertible bonds), regulatory capital, private and pre-IPO fundraising, straight debt offerings and MTN programmes.

Jon has a long history of advising Australian issuers and arrangers on bond issues and MTN programmes and has advised on the majority of convertible bonds issued by Australian corporates.

Jon has also recently been involved in the development of the digital securities market in Singapore. He has advised on a number of Asia-based digital offerings and has been actively involved in Linklaters’ approach to the application of blockchain to capital markets and the development of digital securities fundraising.

Before moving to Singapore in 2017, Jon was based in the firm’s Hong Kong office for over 10 years.

Work highlights
Jon has advised on many of the region’s most significant capital markets deals in recent years, including:
 
  • Xero Limited US$300m Convertible Bonds incorporating a Call Spread Overlay – the first time this innovative structure has been used in Asia
  • Astrea IV private equity-backed retail bonds listed on the SGX
  • State Bank of India US$500m 3.25% notes due 2022 under its US$10bn MTN Programme and the US$300m issuance of 5.5% additional Tier 1 perpetual notes under its US$10bn MTN Programme – the first offshore Basel III-compliant AT1 capital issuance by an Indian bank
  • Link REIT US$500m Green Bonds due 2026 - the first green bond issued by a Hong Kong corporate
  • Biostime tender for the HK$3.1bn Zero Coupon Convertible Bonds. The tender offer was run concurrently with the new issue of US$400m 7.25% Senior High Yield Notes
  • The Bank of East Asia US$650m Additional Tier 1 Capital Securities, run concurrently with an Exchange and Tender Offer for BEA’s existing hybrid securities
  • recent convertible and exchangeable bond issues for Seven Group Holdings, OUE, Khazanah, Singha Estate, CPF Holdings, Indorama, SMIC and Cromwell Property
  • MTN programmes and subsequent bond offerings by Australian corporates - Bluescope, Ausgrid, Mirvac, Computershare, Lend Lease, Vicinity Centres, Aurizon Network, SEEK.com, Perth Airport and Stockland
  • Zilliqa Research on its successful digital securities offering in 2018 and several ongoing Asia-based digital securities offerings
Jon’s debt restructuring and liability management experience includes advising:
 
  • Videocon Industries’ consent solicitation exercise and new issue of convertible bonds due 2020
  • BNP Paribas on the US$300m tender offer to the holders of the 3.50% Notes due 2019 issued by RH International (Singapore) Corporation Pte. Ltd
  • Sime Darby Berhad on their tender offer and consent solicitation exercise in respect of the US$400m Series 1 Sukuk due 2018 and US$400m Series 2 Sukuk due 2023 to substitute the issuer
  • China Eastern Airline’s tender and consent of its RMB 3.3bn 4.8% bonds due 2017
  • China South City Holdings Limited’s consent solicitation of its US$400m 8.25% Senior Notes
  • Guangzhou R&F Properties Co. multi-tranche consent solicitation

 

Professional experience

Jon is a member of the advisory board for the Allens Hub for Technology, Law and Innovation, UNSW, Sydney.

Education and qualifications

Combined Bachelor of Law and Commerce (Honours), University of Sydney.

 

Graduate Diploma of Applied Finance, FINSIA.