Shearman And Sterling

News October 21, 2019

China Three Gorges Corporation’s $850 Million Bond Offering

Shearman & Sterling represented the initial purchasers in connection with the issuance of $500 million 2.3% guaranteed notes due 2024 and $350 million 3.2% guaranteed notes due 2049 by Three Gorges Finance I (Cayman Islands) Limited, unconditionally and irrevocably guaranteed by China Three Gorges Corporation.

Bank of China Limited (Singapore Branch), Deutsche Bank AG (Singapore Branch), J.P. Morgan (S.E.A.) Limited, Industrial and Commercial Bank of China (Asia) Limited, ICBC International Securities Limited, Mizuho Securities Asia Limited, Standard Chartered Bank, Morgan Stanley & Co. International plc, Citigroup Global Markets Limited, UBS AG (Hong Kong Branch) and CLSA Limited acted as initial purchasers of the offering.

China Three Gorges Corporation is a leading clean energy group in China with a focus on large-scale hydropower development and operations and is the largest hydropower enterprise in the world in terms of installed capacity.  

The firm previously advised on China Three Gorges Corporation’s issuances of $500 million 2.3% guaranteed notes due 2021 and $1 billion 3.15% guaranteed notes due 2026 and €650 million 1.3% guaranteed notes due 2024, which was the first euro-denominated green bonds issued by a Chinese company.

The team below was supported by international specialist Yiming Chen (Shanghai-Capital Markets); and legal consultants Xiuqin Cao and Danxu Wang (both Beijing-Capital Markets).

The Team


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