DeHeng Advised Wuxi Industry Development Group

on Overseas USD Bond Issuance 

2021-04-21

On April 12, 2021, Wuxi Industry Development Group Co., Ltd. issued a USD-denominated fixed-price bond on Hong Kong Stock Exchange by establishing an overseas SPV and providing guarantee for it. The bond was issued in a scale of USD 350 million, with a term of five years and a coupon rate of 2.85%. It was the first five-year USD bond issued by a Jiangsu-based company in 2021. The interest rate set a lowest record nationwide for the USD bonds issued by local state-owned enterprises of the same maturity with the same rating in the first quarter of 2021.

As the Chinese legal counsel for the underwriter, the DeHeng team, with primary support from partners Wang Jianming and Luo Zuzhi from the Wuxi Office, and partner Wang Yuwei, lawyers Yang Yong and Deng Di and paralegal Pan Leiyang from the Shanghai Office. They provided professional, efficient, comprehensive and quality legal services for the issuance.