Harneys has advised Swire Pacific Limited (Swire Pacific) on its HK$4.7 billion (approximately US$600 million) placement of zero-coupon bonds exchangeable into ordinary shares of Cathay Pacific Airways Limited. The transaction represents one of the largest Hong Kong dollar-denominated equity-linked offerings in the region’s capital markets.
The bonds were issued by Swire Pacific Finance Limited, a Cayman-based, wholly owned subsidiary of Swire Pacific, and were guaranteed by Swire Pacific. The bonds settled on 16 June 2026 and mature on 16 June 2027.
The Harneys team was led by Raymond Ng, Partner, with support from Sophie Chan, both based in the firm’s Hong Kong office.
“We are pleased to have advised Swire Pacific on this significant financing. The exchangeable bond structure provided an effective solution enabling the group to raise attractively priced capital while retaining its long-term strategic holding in Cathay Pacific,” Ng said.
