DeHeng Advised CRCC on Issuing

Guaranteed USD and EUR Notes Overseas 

2021-05-21

On May 12, 2021, CRCC Hean Limited, an overseas subsidiary of CRCC, priced and issued USD 300 million secured notes maturing in 2026 with the coupon rate of 1.875% and EUR 300 million secured notes maturing in 2026 with the coupon rate of 0.875%. Based on the USD/RMB and EUR/RMB middle rates published by the People's Bank of China on May 20, 2021, the notes were worth about RMB 4,289 million. The above-mentioned notes were approved to be listed and traded on the Stock Exchange of Hong Kong on May 21, 2021. CRCC Hean is a special purpose vehicle established by CRCC for this issuance, for which CRCC provides guarantee.

ICBC, Bank of China (Hong Kong), DBS Bank and BNP Paribas served as joint global coordinators, joint bookrunners and joint lead managers, and CCB International, ABC International, Bank of Communications International, CITIC CLSA and Société Générale as the joint bookrunners and joint lead managers. As the Chinese legal counsel for the issuer, the DeHeng team, led by partner Li Zhihong from the Beijing Office and partner Wang Yuwei from the Shanghai Office, with primary support from associates Yang Yong, Deng Di and Pan Leiyang, provided professional, comprehensive, high-quality and efficient legal services for the client.