Overview
Michael is a leading capital markets practitioner, specialising in debt and equity-linked transactions in Asia, with particular focus on capital market transactions for Chinese financial institutions and corporates.
Michael is the lead lawyer for the offshore bond offerings by a number of the largest PRC financial banks, including the majority of the offshore debt capital markets offerings by key PRC commercial banks, such as Bank of China and the Industrial Commercial Bank of China. These range from senior bonds in various currencies and interest rate structures, covered bonds, tier two regulatory capital offerings and additional tier 1 (AT1) preference shares. In addition to PRC banks, Michael has worked on the debt capital market offerings for a large number of the subsidiaries of the PRC banks, particularly their leasing companies and investment banking platforms.
Other than financial institutions, Michael has worked on a large volume of offshore bond offerings for PRC corporates, including central state owned enterprises provincia and local state owned enterprises and Chinese “local government financing vehicle” (LGFV). Michael has worked with issuers covering the majority of the provinces across China.
Michael is also a green/sustainable financing expert, having worked on some of the most high-profile green and sustainable bond offerings out of China.
Michael has completed six-month secondments with the firm’s offices in London (2002), Shanghai (2002) and Beijing (2003).
Experience
Michael has led on many of the market’s groundbreaking capital markets deals. These include advising:
- Bank of China, London branch, on the establishment of its US$500m green covered bonds, the first ever covered bond offering by a PRC issuer
- the lead manager on Shanghai Port US$1bn exchangeable bonds, the largest exchangeable bond offering by a PRC issuer
- Bank of China on the world's first multibillion, multicurrency bond, which will provide funding for infrastructure projects around the globe under China’s “One Belt, One Road” programme. The bonds, which have an aggregate amount of over US$4bn, were offered in four currencies via five BOC branches (Taipei, Abu Dhabi, Hong Kong, Budapest and Singapore) with listings on five different exchanges (Hong Kong, Taipei, Singapore, Dubai and London)
- Industrial and Commercial Bank of China on its US$1.6bn green bond issue, the first bond offering to be compliant with ICMA Green Principles, CBI standards and PRC green bond standards
- Bank of China, Hong Kong branch on its HK$3bn sustainable bonds issue, the first ever sustainable bond offering by a PRC issuer
- the lead managers on Chongqing Nan’An on its US$1bn bond issue, the largest ever bond offering by a LGFV issuer at the time
- Industrial and Commercial Bank of China on its three-currency AT1 preference shares issue, the first ever renminbi and euro-denominated AT1 preference share offering by a PRC issuer and also the first ever R144A AT1 preference share offering by a PRC issuer
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