2023.02.07
In February 2023, China Power International Holding Ltd. (CPIH) successfully issued three-year RMB 800 million green panda bonds at a coupon rate of 3.29% on the Shanghai Stock Exchange. (the “Issuance”). The bond has a credit rating of AAA and a green bond rating of G-1, and the proceeds will be used to finance clean energy projects in Kazakhstan.
This is the first ever green technology innovation panda bonds issuance in China. It set the lowest coupon rate among AAA-rated power SOE issuers for the same tenor in 2023 and makes a great start to the 10th anniversary of the Belt and Road Initiative.
JunHe’s Beijing and Hong Kong teams acted as the inbound and offshore counsel to the issuer respectively in this project. They conducted onshore and offshore legal due diligence, revised the transaction documents and issued legal opinion on an ongoing basis. They assisted the issuer in the decision making and regulatory applications and filings, and ultimately helped CPIH successfully issue the first ever green technology innovation panda bonds in China.
The firm drew on the strength of its combined teams in Beijing and Hong Kong, saving the client time and legal costs. JunHe was well recognized and trusted by the client and the other intermediaries for its efficient and prudent delivery of professional legal services.
JunHe’s Beijing team was led by partner LEI, Tianxiao, with strong support from partner ZHOU, Fang (internal review); JunHe’s Hong Kong team was led by partner HE, Jiaming (Catherine Ho).
