DeHeng Advised ABC International Holdings

on Issuing USD 450 Million Bonds

2020-07-22

On July 15, 2020, ABC International Holdings Limited issued three-year bonds worth USD 450 million through its subsidiary.

This was the first USD-denominated bond issued by ABC International with its own rating. The coupon rate was 1.5%, the lowest for three-year USD-denominated bonds issued by a Chinese investment bank in history. The issuance was oversubscribed by more than 4 times even when the international capital market is seriously damaged by the COVID-19.

The underwriters included ABC International, Hong Kong Branch, Macao Branch and Singapore Branch of Agricultural Bank of China, Bank of China, Hong Kong Branch of the Bank of Communications, BOSC International, China CITIC Bank International, China Construction Bank (Asia), Hong Kong Branch of China Everbright Bank, Everbright Securities (Hong Kong), CICC Hong Kong, Hong Kong Branch of China Minsheng Banking, CMB International, CMB Wing Lung, GF Securities (Hong Kong), Guosen Securities (Hong Kong), Huatai Financial Holdings (Hong Kong), ICBC International, ICBC (Asia), Nanyang Commercial Bank, Hong Kong Branch of Shanghai Pudong Development Bank, SPDB International, Standard Chartered Bank and Bank of East Asia.

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 Wang Zhi, provided professional, comprehensive and high-quality legal services for the issuance.