Mayer Brown JSM advises Huafa group on its issue of RMB850 million credit enhanced bonds
23 June 2014
Mayer Brown JSM advised Hong Kong Huafa Investment Holdings Company Limited on its issue of RMB 850 million 4.25 percent. credit enhanced bonds due 2017 backed by a standby letter of credit issued by Agricultural Bank of China. The deal was jointly lead managed by ABC International, the Hong Kong and Singapore branches of Agricultural Bank of China and OCBC. The Issuer is a wholly owned subsidiary of Zhuhai Huafa Group Co., Ltd., a PRC state-owned conglomerate involved in urban operations, financial services, property development, sales and trading, modern services, education, media and tourism. The bonds were assigned an A1 rating by Moody's Investors Service.
“This is a very successful first time issue in the debt capital markets, which delivered a wonderful outcome for an important client,” said Mayer Brown JSM Corporate & Securities partner James Fong who led the transaction.