On December, 28, 2020, China CITIC Bank Corporation Limited （hereinafter referred to as“China CITIC Bank”）established a USD5 billion European MTN programme（hereinafter referred to as “this MTN programme”）and issued the first drawdown through its London branch ( hereinafter referred to as ”this issuance”). This is the first MTN programme to be established overseas by China CITIC Bank. This issuance is of two-year bonds with a total amount of USD550 million, USD200 million of which is three-year bonds with a coupon rate of 0.875%, and USD350 million is five-year bonds with a coupon rate of 1.250%. This issuance was the lowest interest rate spread of the same type of bonds issued by a joint-stock commercial bank in the same year. The three-year bonds wasthe lowest coupon rate in the history of fixed rate bonds issued by a joint-stock commercial bank.
China CITIC Bank was established in 1987. It was one of the earliest commercial banks to be established during China’s economic reform and opening up and the first commercial bank in China to engage in financing services both for domestic and overseas financial markets. The bank is well-known for many firsts in China’s modern global financial history and has made a positive contribution to the economic construction of China. In April 2007, China CITIC Bank’s A+H shares were listed on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong.
JunHe acted as the domestic legal counsel for the issuer of the project and provided a full range of legal services for the establishment and issuance of the MTN programme. JunHe’s team provided high-quality, rigorous and efficient services, assisted in conducting domestic legal due diligence, issued Chinese legal opinions, and assisted the company with the internal and external examination and approval processes. The team assisted in reviewing the transaction documents, ultimately assisting China CITIC Bank in their successful establishment and issuance of the MTN programme. JunHe has always been recognized and trusted by the company and other intermediaries for its rigorous and efficient work style as well as its meticulous and dedicated service attitude.