Global law firm Eversheds has advised New World China Land (NWCL) on a new dim sum bond issue today, raising a total of CNY 3 billion (£307 million). This is NWCL’s second dim sum bond offering after their previous successful record-making CNY 4.3 billion offering last year, which still remains the largest corporate dim sum bond issuance in history, which Eversheds also advised NWCL on.
The Regulation S deal was priced at 5.5% for a five-year tenor due 2018. The bonds are listed on the Hong Kong Stock Exchange. Lead managers for the transaction are BOC International and HSBC. The transaction closed on 6 February 2013.
The Eversheds team was led by Kingsley Ong (Partner, Debt Capital Markets) and Stephen Mok (Partner, Head of Corporate, Asia), and supported by Janice Yip, Karen Wang and Sandy Yeung.
The offering benefited from some unique structural support features that were employed in NWCL’s debut issuance last year, including a letter of support from parent New World Development (NWD) and two put options for bond investors.
Stephen Mok said:
“As the appetite for Dim Sum bonds continues to grow in the market, we are delighted and honoured to be reappointed as NWCL’s counsel for its new bond offering. We look forward to continue supporting NWCL’s expansion.”
Kingsley Ong said:
“The overwhelming investor reception is a tribute to NWCL’s successful business and growing track record in the debt capital markets. This bond issue marks a milestone for the New World group on its 40th anniversary.”
