On July 25, 2019, Coastal Emerald Limited, an overseas subsidiary of Shandong Hi-Speed Group, issued USD1.5 billion of bonds abroad, including USD500 million for three years, USD900 million for five years and USD100 million for ten years, with a coupon rate of 3.95%, 4.3% (perpetual) and 4.3% (private equity bonds), respectively, which creates the lowest-priced issuance of the same structure by Shandong provincial enterprises this year. The joint global coordinators were ICBC International, ICBC (Asia), HSBC Bank, Bank of China, Standard Chartered Bank, Morgan Stanley, GF Securities and Citibank, and the joint bookrunners were CITIC Bank (International), SPD Bank Hong Kong Branch, Minsheng Bank Hong Kong Branch and Bank of Communications Hong Kong Branch.
The issuer Coastal Emerald Limited, based in the Virgin Islands, is a wholly-owned subsidiary of Shandong Hi-Speed Financial Group (0412.HK) which is listed on the main board of the Stock Exchange of Hong Kong and specializes in financial business.
As the Chinese legal counselor of the issuer, the DeHeng team was led by lawyer Cui Huanpeng, with primary support from Shi Hanbo, Zhang Li and Zhang Jianwen. They worked closely with the issuer, underwriter and overseas lawyers and provided professional, comprehensive and efficient legal services for the client.