DeHeng Advised Da Heng Qin on Issuing
the First Dual-Currency International Green Bonds in GBA
2019-12-26
On November 20, 2019, Zhuhai Da Heng Qin Investment Co., Ltd. ("Da Heng Qin") successfully issuedsenior bonds worth 450 million US dollars and green senior bonds worth 800 million yuan overseas, following its first issuance of dim sum bonds in 2014. It was the first dual-currency senior unsecured bonds by a state-owned non-financial company in Guangdong, and also the first dual-currency international green bonds in the Guangdong-Hong Kong-Macao Greater Bay Area. Issued simultaneously at Hong Kong and Macao, the offshore green 800-million-yuan bonds had the maturity period of two years and the coupon rate of 4.6%, and the 450-million-dollar bonds, three years and 3.8%. Greatly welcomed by the investors, the issuer raised more than it aimed for within one hour of book building. At peak, the USD bonds was4.7 times oversubscribed reaching 2.2 billion dollars, while the RMB bonds was 2.8 times oversubscribed, reaching 2.3 billion yuan.
Founded in April 2009, Da Heng Qin is a developer and operator that runs under the management mode of "two-tier structure and one-stop services" proposed in the State-Council-approved Master Development Plan for Hengqin. It is the investment and construction management body for Hengqin New Area, responsible for infrastructure construction, investment attraction, property management, project management, consultancy, industry development and venture capital. It is particularly tasked with urban infrastructure construction, public utilities, project investment and resource development in Hengqin New Area. So far the projects it undertakes have amounted to more than 260 billion yuan, including many priority projects at the provincial, municipal or district level, such as the civil infrastructure (BT) project integrated development project of Hengqin New Area, Hengqin port and integrated transport hub project, Maliuzhou channel, Hengqin international technology innovation center, Hengqin science city, and Hengqin international business center, to name just a few.
As the mangers' Chinese legal counsel, the DeHeng team, headed by partner Zheng Zhixing and Chen Jian, with primary support from lawyers Peng Xingyuan, He Jing and Cheng Yahui, provided whole-process professional, comprehensive, efficient and premium legal services for the issuance.
