DeHeng Advised Kunming Public Rental Housing 

Development & Management Co., Ltd. on Issuing USD 100 Million Bonds

2021-07-12

On June 29, 2021, Kunming Public Rental Housing Development & Management Co., Ltd. issued three-year USD 100 million senior unsecured fixed-interest bonds, with the direct issuance structure and the coupon rate of 5.5%. This is the first overseas bond issued by a Yunnan-based company through its own credit in 2021, and the final pricing was significantly reduced by 45 basis points compared with the initial price guide.

As the underwriter's Chinese legal counsel, the DeHeng team was led by managing partner Huang Jianing of the Hangzhou Office, with primary support from lawyers Yu Wei and Gao Qing and intern lawyer Ye Wenqian. They provided efficient, high-quality whole-process legal services for the overseas issuance, and worked closely with the issuer and other intermediary agencies.