Deal Watch 3/27/2012

Posted on March 17, 2012 at 7:03 AM

       National Bank of Abu Dhabi Dollar Bond

Clifford Chance and Allen & Overy are currently advising the National Bank of Abu Dhabi, the largest bank by market value in the United Arab Emirates, on a $750 million five year bond. Barclays, HSBC, UBS, and NBAD are the bookrunners for this deal. The bond priced at 190 points over midswaps according to Reuters.

       Berau Coal Energy $500 million High-Yield Debt Offering

Berau Coal Energy, Indonesia’s largest coal producers, was advised by Jones Day on their $500 million high-yield bond of 7.25% Guaranteed Secured Notes due 2012. This high-yield bond attracted $9.5 billion in orders and was the first corporate bond issue from Indonesia since the country was promoted to investment grade by Fitch and Moody’s. The Jone’s Day team for this bond was led by capital markets partner Joseph Bauerschmidt and included partner Sushma Jobanputra, associates Joy Choynowska, Kevin Khan, and Vinay Kurien in Singapore, and partner Joseph Lee and associate Chris Ma in Hong Kong. Davis Polk represented to underwriters Bank of America Merrill Lynch, Credit Suisse and JP Morgan.

       China Daye’s 5 billion Yuan Reverse Takeover

Norton Rose, Zhong Lun Law Firm, Legal Consulting, Conyers Dill & Pearman, Paul Hastings, and Haiwen & Partners advised China Daye Non-Ferrous Metals Mining’s 5.8 billion Yuan ($917 million) reverse takeover of Prosper Well Group. The sponsor and financial advisor J.P. Morgan was advised by Paul Hastings as their Hong Kong counsel, lead by partners Raymond Li and Catherine Tsang, and consulted with Haiwen & Partners for PRC law.

       Youku-Tudou Merger

Skadden, Arps, Slate, Meagher & Flom, TransAsia Lawyers, Conyers Dill & Pearman, Fangda Partners, Maples and Calder and Kirkland & Ellis are advising on the merger of, a video hosting service, and Tudou Holdings, an online video sharing platform developer, creating China’s largest online video site. The merger was valued at $1 billion and the new entity will be called Youku Toudu Inc.

A Hong Kong based Skadden team led by partners Michael Gisser and Julie Gao advised Youko. Skadden. TransAsia Lawyers, and Conyers Dill & Pearman acted as Youko’s U.S., PRC and off shore councils. Kirkland & Ellis, Fangda Partners and Maples and Calder advised Tudou on Hong Kong, PRC, and off shore law. Goldman Sachs, Allen & Company and China Renaissance Holdings were Youku’s financial advisors, and Morgan Stanley and Credit Suisse acted as financial advisors to Tudou. The deal is expected to close in the third quarter of this year.

       RHT Law Joins Taylor Wessing’s International Network

On March 16, Singapore firm RHT Law joined Taylor Wessing’s international network, forming a new firm called RHT Law Taylor Wessing. This will allow RHT Law Taylor Wessing clients to access a network of over 800 lawyers in 14 offices across Asia, the Middle East, and Europe. This will allow the firm to deliver international capabilities locally and give their clients the advantage of industry specific expertise.

       King & Wood Mallesons

On March 1, 2012 Chinese firm King & Wood, and Australian firm Mallesons Stephen Jaques merged creating the largest international legal network in the Asia Pacific region. The firm under the name King & Wood Mallesons after the merger will have 1,800 lawyers and 21 offices worldwide and is the first major legal service provider with its headquarters outside of U.S. or U.K. It will also be the only firm in the world able to practice People’s Republic of China, Australian, and U.K. law.


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