International law firm Freshfields Bruckhaus Deringer has advised Chailease Finance (BVI) on its debut issue of offshore renminbi bond at 5% for a tenor of three years. The notes, amounted to RMB750m (US$119m), are guaranteed by the issuer’s parent company, Chailease Finance Co., Ltd. This is the first time a Taiwanese non-bank financial institution has issued a dim sum bond.

Chailease is the largest leasing company in Taiwan with a leading market share of 43% by contract amount in 2011. Its main services include leasing, instalment sales, domestic factoring and direct financing to small-medium sized enterprise customers. The bonds will provide funds to support Chailease’s investments in China, as well as strengthening its financial position for further business growth. 

“We congratulate Chailease on the successful conclusion of this transaction and on becoming the first issuer from Taiwan to launch an offshore RMB bond this year,” said Andrew Heathcote, finance partner at Freshfields. 

The joint lead managers and bookrunners were ANZ, Bank of China (Hong Kong) and Standard Chartered. 

The Freshfields team was led by finance partner Andrew Heathcote. He was supported by senior associate Jacqueline Wong and associates Marcus Lim and Alicia Hsu.