Jaclyn Yeap
Partner
Singapore
Jaclyn Yeap
Partner
Singapore
Contact details
Jaclyn Yeap Tze Ming is a Partner in Allen & Overy’s International Capital Markets department. She specialises in advising issuers and underwriters on a wide range of debt capital markets transactions in Greater China and across Asia, including establishment and updates of medium term note programmes, Reg S standalone bond issuances with credit enhancement structures such as keepwells, equity interest purchase undertakings and standby-letters of credit, bank and insurance regulatory capital instruments, convertible and exchangeable bonds, corporate hybrids, and liability management exercises.
Jaclyn is a leading expert in the green, social and sustainability bond market, having advised on numerous significant, high-profile ESG-related transactions involving market first features.
Jaclyn is admitted as a solicitor in England & Wales and in Hong Kong. She is fluent in Mandarin Chinese and English, and can conduct business meetings in Cantonese.
Qualifications
Professional
Admitted as solicitor, Hong Kong, 2015
Admitted as solicitor, England and Wales, 2009
Academic
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Experience highlights
Advising Ministry of Finance of the People’s Republic of China, the joint lead managers on Ministry of Finance of the People’s Republic of China’s offshore sovereign bond offerings for 3 consecutive years since 2017, including the Government’s first foreign currency bond offering since 2004, its first Euro-denominated bond issuance in 15 years and the largest Reg. S offering by an Asian sovereign to-date.
Advising the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR) on its USD1bn green bond issuance. This is the first issuance under the government’s HKD100bn green bond programme.
Advising Bank of China Macau, the joint lead managers and joint bookrunners, on a dual-currency senior small and medium enterprises (SMES) themed (COVID-19 Impact Alleviation) social bonds issuance, comprising of a HKD4bn 1.95% bonds due 2022 and a MOP1bn 1.90% bonds due 2022 under Bank of China Limited’s USD40bn MTN programme. This is the first social bonds issuance from a Chinese issuer in the international capital markets, which is aligned with the Social Bond Principles 2018 published by the International Capital Market Association. Proceeds of the bonds will be used to support SMES in Macau to aid access to financial resources and reduce financing costs in response to the recent outbreak of COVID-19.
Advising joint lead managers on the issue of CNY1.5bn Reg S supplementary capital notes due 2021 under ICBC (Asia)’s MTN programme. This won the Equity-linked Deal of the Year, IFLR Asia Awards 2012 and was the first Basel III – compliant instrument issued by a bank in the Asia-Pacific region and the first subordinated bond of its kind issued in Hong Kong’s offshore RMB bond market.
Qualifications
Professional
Admitted as solicitor, Hong Kong, 2015
Admitted as solicitor, England and Wales, 2009
Academic
Other noteworthy experience
Advising:
- Bank of China - the joint lead managers in connection with the issuance of Belt and Road Initiative (BRI) themed, USD3.8bn equivalent multi-tranche and multi-currency bonds by Bank of China Limited (BOC) under its USD40bn medium term note programme, providing low-cost funding for medium and long-terms projects related to the BRI.
- China CITIC Bank International (CNCBI) - the underwriters on its issuance of USD500m undated non-cumulative subordinated Additional Tier 1 Capital Securities and the issuance of USD500m Tier 2 Subordinated Notes due 2029 under its USD3bn MTN programme; and on the tender offer by CNCBI to purchase for cash any and all of CNCBI’s USD500m Subordinated Fixed Rate Notes due 2020.
- A group of financial institutions as the joint lead managers on the issue of USD500m 3.5% guaranteed green bonds due 2028 by Swire Properties MTN Financing under its USD4bn MTN programme. This was the first green bonds issued to have received the Preissuance Stage Certificate under the then newly launched Green Finance Certification Scheme from the Hong Kong Quality Assurance Agency as of 2018.
- Baosteel Group Corporation on its CNY3.6bn Reg S bond issue and its second CNY2.9bn Reg S bond. Its issue was the first mainland company to issue offshore RMB bonds in Hong Kong (and listed on the Singapore Stock Exchange) and the largest offshore RMB bond issuance in the market at the time of issue.
- The joint lead managers on Bank of Communications’ EUR500m bond issue due 2026 and USD1.2bn bond issue due 2024, both are Basel III compliant Tier 2 capital bonds. Bank of Communications is the first major Chinese financial institution to issue a Basel III compliant Tier 2 instrument offshore. This landmark USD bond note is also the largest international regulatory capital offering by a Chinese bank at the time of issue and the first to be issued in EUR and USD.
- The lead managers on Hebei Iron & Steel (Hong Kong) International Trade, Hebei Iron & Steel Group's issuance of USD500m 2.75% credit enhanced notes due 2017 backed by an irrevocable Standby Letter of Credit issued by Agricultural Bank of China Limited Hebei Branch.
- Baoshan Iron & Steel as liquidity support and keepwell provider and its subsidiary Bao-Trans Enterprises as issuer on the USD500m Reg S bond issue due 2018. In addition to providing a keepwell agreement, Baoshan provided a liquidity support covenant deed. This was the first USD bond issuance in the offshore market which the PRC parent utilised its capital account quota to support the bond issuance. Bank of China, Bank of China (Hong Kong), BOCI Asia, ICBC International Securities and two global financial services groups as lead managers.
- The lead managers on Cheung Kong Infrastructure Holdings Limited's issuance of USD300m Fixed Rate Callable Perpetual Securities issued in registered form on a fiduciary basis by The Bank of New York Mellon (Luxembourg) S.A. for the purpose of purchasing certain Fiduciary Property and entering into a Swap Agreement with Cheung Kong Infrastructure Holdings Limited.
- A global financial institution on its debut standalone RMB1.1bn Reg S Formosa bond issue, (comprised of two tranches RMB1bn bond due 2016 and RMB100m bond due 2018), its first RMB bond issuance in Taiwan. The issuance made it the first international financial institution to issue such bonds there and as of the beginning of June 2013 was the largest RMB bond issuance in Taiwan.
- The lead manager on Goldpoly New Energy Holdings Limited's issuance of USD50m 5% Secured Guaranteed Convertible Bonds due 2016.
