Zhongcheng Qingtai Law Firm Helps Jinan Urban Construction Group to Successfully Issue Overseas Bonds
Published:
2020-12-12
In December 2020, Jinan City Construction Group Co., Ltd. ("Construction Group") adopted a cross-border guarantee structure and successfully issued a $0.2 billion one-year Reg S senior unsecured fixed-rate bond in Singapore through an overseas subsidiary, obtaining an over-subscription order of 8 times. The bond pricing was 55 basis points lower than the initial price guideline of 2.95 per cent, and the final bond coupon was 2.40 per cent, the funds raised will be invested in infrastructure projects such as bridges and tunnels across the Yellow River. The single bond set the lowest issuance rate in the history of overseas bonds of the same-rated issuers in the province, and also set the lowest issuance rate in Shandong Province this year.
Zhongcheng Qingtai Law Firm served as the legal adviser to the issuer of the overseas bond issue, with Yao Huming, deputy director and senior partner of the firm, as the project leader, and formed a service team with Su Na, Su Xiaoyan and Liu Rongyi to provide legal services for the whole process of the issue. And work with Guotai Junan Securities Company, CICC, and overseas service team Fangda Law Firm, Beijing Jindu Law Firm and other institutions to complete this overseas bond issuance.
In the face of unfavorable factors such as the global epidemic-affected stock market downturn and more cautious investment by investors, the overseas debt issuance is of great significance for enterprises to smooth overseas financing channels and reduce financing costs.
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Zhongcheng Qingtai Jinan Region
Address: Floor 55-57, Jinan China Resources Center, 11111 Jingshi Road, Lixia District, Jinan City, Shandong Province
