2021.12.08
In November 2021, Yueyang Urban Construction Investment Group Co., Ltd. (“Yueyang Urban Construction”), issued overseas bonds for the first time. The issuance scale was USD 220 million at an interest rate of 3.48% with an issuance period of five years. The bonds were listed on the Hong Kong Stock Exchange on November 25th, 2021. This offering was the first offering by a prefecture-level urban investment company. It was also the first successful offering with a national equivalent rating (Fitch BBB-). It set a record for the lowest coupon rate for overseas bonds of a prefecture-level urban investment company with a scale of more than USD 100 million in Hunan.
Founded in September 2012 and wholly owned by the Yueyang Municipal Government, Yueyang Urban Construction is the largest urban developer in Yueyang. It undertakes a series of public service functions, including the investment, construction, development and operation of urban infrastructure projects as well as first-class land development, the construction of social security housing, the management and operation of state-owned assets and urban franchises, and other business operations authorized by the Yueyang Municipal Government.
JunHe acted as the issuer’s legal advisor on English law. JunHe’s team drafted the issuance circulars, participated in the negotiation and amendment of the transaction documents, arranged closing and provided full-process legal services regarding the English legal issues involved in this Project.
The lead partner of this project was Chris Tang.
