Allen & Overy Hong Kong has announced that it advised DBS Bank and DB Trustees on a US$5bn secured debt issuance programme for Cayman Islands-based special purpose vehicle Constellation Investment.

The programme, established on 22 September, will allow for the issuance of bonds, notes and other types of debt instruments to retail investors. A series of credit-linked notes of up to US$75m were launched on the same day as the first issue under the programme.

Allens partner Chin-Chong Liew (pictured), who led the Allens team advising DBS Bank with associates Susanna Wong and Neeta Dadlani, said there was a growing trend among Hong Kong and regional investors to invest in such high-yield products.

Legal work in the area would seem to be on the increase. "With modernisation of, and further relaxation in, prospectus requirements in Hong Kong, we foresee that there will be more similar high-yield retail offerings in the marketplace," he added.

Partner Andrew Harrow and associate Kate Fewings advised DB Trustees.