JSM advised The Wharf (Holdings) Limited in relation to the update of its Hong Kong Stock Exchange listed Medium Term Note Programme which was signed on 11 November 2009.  The update of the Programme was arranged by HSBC.

In addition to revising the offering circular to take account of certain recent developments, the number of special purpose issuing vehicles has been increased from two to four issuers and the maximum permitted amount of notes outstanding under the programme has been increased from US$1 billion to US$2 billion. Wharf has approximately US$600 million (or equivalent) of notes already outstanding under the programme.

The JSM team was led by Phillip Smith.