Slaughter
and
May,
Hong
Kong,
advised
the
Urban
Renewal
Authority
of
Hong
Kong
on
the
establishment
of
its
US$1
billion
Medium
Term
Note
Programme
and
on
its
first
issuance
under
the
Programme
of
HK$1.5
billion
2.08%
Notes
due
2012.
Approval
has
been
given
by
the
Hong
Kong
Stock
Exchange
to
list
Notes
issued
under
the
Programme,
although
the
2012
Notes
were
issued
as
unlisted
Notes.
The
MTN
programme
provides
a
platform
for
the
Authority
to
broaden
its
funding
sources
and
assists
in
the
Hong
Kong
Government's
policy
of
promoting
the
local
bond
market.
The
bond
offering
was
reportedly
over
60%
oversubscribed,
leading
the
Authority
to
increase
the
issue
size
from
the
planned
HK$1
billion
to
HK$1.5
billion.
Laurence
Rudge
(partner),
Ed
Fife
(associate)
