DeHeng Advised Haiguo Xintai on Its First Overseas Bond Issuance

2019-09-30

On October 8, 2019, Beijing Haiguo Xintai Investment Holding Center (hereinafter referred to as "Haiguo Xintai") successfully issued USD 500 million worth of three-year bonds via its overseas wholly-owned subsidiary HAIGUO XINTAI CAPITAL LIMITED, with the coupon rate of 4.3%. Haiguo Xintai provided guarantee for the issuance. Haitong International Securities Group Limited, ICBC International, China CITIC Bank (International), China Industrial Securities International Financial Group and Morgan Stanley were the joint global coordinators, joint book managers and joint lead managers, and Silkroad International (Hong Kong) Investment Consultants Company Limited, CEB International and Hong Kong Branch of Industrial Bank of China, CCB International, Bank of Communications International, CMBC Capital Holdings Limited and Orient Securities served as the joint book managers and joint lead managers.

Haiguo Xintai is the largest and a vital state-owned enterprise under the Haidian District State-owned Assets Supervision and Administration Commission in Beijing.The issuance was of particular importance as the first overseas USD bond issuance made by a state-owned enterprise wholly funded by the district government in Beijing. The bonds were heavily subscribed, and the issuer and the securities were both rated BBB by Standard & Poor's, one of the world's three leading rating agencies.

As the Chinese legal counsel for the issuer, the DeHeng team was headed by lawyer Hou Zhiwei, partner of the Beijing Office, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Wang Zhi. They worked closely with the issuer, underwriters and overseas lawyers to provide comprehensive, professional, efficient and premium legal services for the issuance.