A&O raises Hong Kong profile with £1bn Swire Pacific deal

The Hong Kong office of Allen & Overy (A&O) advised joint arrangers HSBC and Morgan Stanley Dean Witter on the establishment of a $1.5bn (£1.1bn) medium term note programme for Swire Pacific.`Although the firm is already a market leader in the medium term note programme, it is trying to develop its relationship with Hong Kong issuers.`Swire Pacific is one of the best known names in Hong Kong and it is a coup for A&O to be working on the deal.`Lead partner on the deal Andrew Harrow said that involvement in the issue raises the credibility of the firm in Hong Kong.`”Although we act for the arrangers more often, we are also being associated with Hong Kong borrowers,” said Harrow. “This deal increases our credentials with Hong Kong issuers.”`Last year, A&O advised the Kowloon-Canton Railway Corporation and Dao Heng Bank when they issued medium term note programmes.`HSBC and Morgan Stanley will act as dealers alongside nine other international financial institutions.`The medium term note programme is rated A3 by Moody’s and Aby Standard & Poor’s and applications have been made to list the programme on both the Hong Kong and the Luxembourg stock exchanges.`Swire was advised by Maples and Calder in respect to Cayman Islands law and Slaughter and May in respect to English and Hong Kong law.