DeHeng Advised ICBC Financial Leasing on Overseas Bond Issuance

2019-12-17

In November 2019, ICBCIL Finance Co. Limited, a subsidiary of ICBC Financial Leasing Co., Ltd., issued green USD bonds with a floating interest rate to raise a total of USD 600 million, with the benefit of a keep-well and liquidity support deed provided by ICBC Financial Leasing. 

This was the first green bond issuance by a Chinese-funded lease company in the international capital market. The money raised will be spent on promoting low-carbon and sustainable economic development and qualified green assets that produce significant benefits for environmental sustainability and the fight against climate change. Prior to the issuance, the green financing framework was certified by Hong Kong Quality Assurance Agency. The bonds were oversubscribed by more than five times by green investors. 

The joint lead managers included ICBC International, ICBC Asia, ICBC Standard, ICBC Singapore Branch, Bank of Communications Hong Kong Branch, Bank of China, Goldman Sachs (Asia), BNP Paribas, HSBC, Merrill Lynch (Asia Pacific), Mizuho Securities (Asia), ANZ Bank, CCB International, CMBC Securities, CMB International and Mitsubishi UFJ Securities. 

As the Chinese legal counsel for the joint bookrunners, the DeHeng team, led by Mr. Hou Zhiwei, the partner of its Beijing Office, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Wang Zhi, provided whole-process legal services for the issuance.