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Hong Kong – Bakers, Linklaters & Hogan Lovells Advises Yuexiu Property MTN Programme And Yuexiu Enterprises Corporate Note Issuance

31 January, 2013

 

Baker & McKenzie recently advised Yuexiu Group, on two significant debt capital market transactions, namely:

 

 

  • Yuexiu Property Company Limited (“Yuexiu Property”) on the establishment of its first medium term note programme (“MTN Programme”). The size of the MTN Programme is US$2 billion. The notes that were issued on the first drawdown amounted to US$850 million in aggregate and comprised of US$350 million 3.25% notes due 2018 and US$500 million 4.50% notes due 2023. Bank of China (Hong Kong) Limited, BOCI Asia Limited, DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited and Morgan Stanley & Co. International plc acted as the joint lead arrangers for the MTN Programme. They together with Yue Xiu Securities Limited acted as dealers for the first drawdown. The notes have been rated Baa3 by Moody’s and BBB- by Fitch.

 

  • Yue Xiu Enterprises (Holdings) Limited (“Yue Xiu Enterprises”) on its third note issuance: HK$1 billion 5.65% corporate notes due 2018. The notes were purchased by Industrial and Commercial Bank of China (Macau) Limited and Agricultural Bank of China Limited Hong Kong Branch. Société Générale, ICBC International and Agricultural Bank of China Limited Hong Kong Branch acted as joint lead arrangers.

 

Baker & McKenzie’s Hong Kong and Beijing offices also acted for Yue Xiu Enterprises on its initial issuance and private placement of HK$1 billion 6.4% notes due 2019 in December 2011, as well as on its follow-on issuance of HK$1 billion 6.4% notes due 2020 and private placement in April 2012. Both sets of notes were purchased by China Life Trustees Limited.


The multi-disciplinary Baker & McKenzie teams that advised on these transactions were led by Dorothea Koo, a corporate partner based in Hong Kong. The team for the Yue Xiu Enteprises note issuance also comprised of Beijing-based banking & finance partner, Simon Leung, as well as Hong Kong-based associates Christopher Shen and Christine Zhao. Christopher Shen and Christine Zhao also worked on the MTN Programme. Other team members include Brian Spires (a US securities partner), Tracy Lam (a special counsel in the corporate group), Janice Wong and Isabelle Wu (both associates in the corporate group).


Commenting on the deals, Dorothea Koo said, “Over the past few years, we have been privileged to work with Yuexiu Group, a long-standing client of the Firm, on a number of landmark deals including advising Yuexiu REIT on its investment in Guangzhou International Finance Center. Our role in the MTN Programme and Yue Xiu Enterprises’ third note issuance further reinforces our close working relationship.”

 

Linklaters acted for the arrangers on Yuexiu Property MTN.

 
Hogan Lovells acted for the arrangers on Yuexiu Enterprises notes.

 

For further information, please contact:

 

Jamie Kar, Baker & McKenzie
jamie.kar@bakermckenzie.com

 

 

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