Mayer Brown advised a consortium of joint lead managers on the first issuance of Eurobonds listed and traded on the regulated market of Frankfurt Stock Exchange and available for trading on the China Europe International Exchange by a PRC non-financial institution company.
The dual-tranche offering is Chengdu Xingcheng Investment Group Co., Ltd’s issuance of EUR 365 million 2.50% bonds due 2021 and EUR 135 million 2.95% bonds due 2023.
Chengdu Xingcheng Investment Group Co. Ltd is a core government financing platform of Chengdu, China, primarily engaging in infrastructure construction and land development. The Mayer Brown corporate & securities team in Hong Kong advised the same issuer on its debut US dollar bonds offering in 2016.
The joint lead managers on the dual-tranche issuance were China International Capital Corporation, Société Générale Corporate & Investment Banking, China Minsheng Banking Corp., Ltd (Hong Kong), SPD Bank Singapore and ICBC (Asia).
The cross jurisdiction team of capital markets lawyers included Hong Kong-based counsel Cindy Kao, as well as partners Patrick Scholl (Frankfurt) and James Taylor (London).