Deacons acted for Liu Chong Hing Bank Limited in its debut international offering of Tier 2 Subordinated Bonds, which are listed on the HK Stock Exchange 18 December 2006 Liu Chong Hing Bank Limited (recently renamed as Chong Hing Bank Limited) successfully completed a US$125 million Tier 2 subordinated bond offering, which was listed on the HK Stock Exchange on 18 December. The bonds were priced at par with a coupon rate of 3-month US$ LIBOR + 93 bps with a step-up of 100 bps after 5 years. The debut offering, up-sized from US$100 million, was more than 5 times over-subscribed and widely distributed to investors in Hong Kong, Singapore, Europe, the Middle East and other regions. The debt capital markets in Hong Kong, particularly for listed debt, are relatively under-developed and this was the first time that Deacons has advised on the listing and offering of subordinated bonds of a licensed financial institution in Hong Kong.