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DeHeng Advised Shangrao Investment

Holding Group on Issuing USD Bonds

2020-01-17


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On January 16, 2020, Shangrao Investment Holding Group (hereinafter referred to as "Shangrao Group") successfully issued three-year senior USD bonds worth 500 million dollars, with a coupon rate of 4.3%, via its wholly-owned overseas subsidiary Shangrao Investment Holdings International Company Limited. Shangrao Group provided guarantee for the issuance. China CITIC Bank (International), CNCB (Hong Kong) Capital, GF Securities (Hong Kong) and Central Wealth Securities Investment acted as the joint global coordinators, joint book managers and joint lead managers; China Securities International, Guotai Junan International, Standard Chartered Bank, Hong Kong Branch of Everbright Bank, Hong Kong Branch of Industrial Bank, Orient Securities (Hong Kong), Haitong Bank, ABC International, Zhongtai International and CMBC Capital Holdings Limited as the joint book managers and joint lead managers.


Shangrao Group is a wholly state-owned enterprise directly under Shangrao Municipal Government. As at the end of June 2019, its assets totaled RMB 209.4 billion. This was the first international investment-grade USD bond issuance by a prefecture-level city in Jiangxi Province, the largest single overseas issuance so far in Jiangxi.The bonds were over-subscribed by more than five times. Fitch, one of the three leading international rating agencies, rated BBB- for both the principal and bond of the issuance, making the issuer the second local state-owned enterprise in Jiangxi and the first among Jiangxi's districted cities to be internationally rated at the investment grade.


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

Relevant Lawyer

  • Zhiwei HOU

    Partner

    Tel:+86 10 5268 2888

    E-mail:houzw@dehenglaw.com

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