DeHeng Advised ABC International Holdings Again on USD Bond Issuance

2020-09-11

In August, 2020, ABC International Holdings Limited issued five-year bonds of USD 800 million through its subsidiary. This was the second USD-denominated bond issued by ABC International with its own rating, and the coupon rate was 1.65%.

The bond was enthusiastically subscribed by a large number of well-known investors. It has the highest credit rating for the issuer and the debt among Chinese-funded investment banks in Hong Kong. The yield rate had the lowest price for the same-term US dollar bonds issued by Chinese non-bank financial institutions this year. It also sets the record as the largest USD debt financing project launched by the overseas investment bank subsidiaries of China's top four state-owned banks.

The underwriters included ABC International Financing Co., Ltd., Agricultural Bank of China Hong Kong Branch, Bank of Communications Hong Kong Branch, China CITIC Bank International, China Construction Bank (Asia), China Everbright Bank Hong Kong Branch, China Everbright Securities (Hong Kong), CICC Hong Kong, Minsheng Bank Hong Kong Branch, China Securities International Financing Co., Ltd., Chiyu Banking Corporation, China Merchants Wing Lung, CTBC Bank, Guosen Securities (Hong Kong), Huatai Financial Holdings (Hong Kong), ICBC International, Nanyang Commercial Bank, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, Standard Chartered Bank, Bank of East Asia, and HSBC. 

As the Chinese legal counsel for the underwriters, the DeHeng team, led by partner Hou Zhiwei, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Jiang Yue, provided whole-process legal services for the issuance.