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Allen & Overy advises joint lead managers in relation to the debut notes issuance with credit enhancement provided by China Huarong Financial Leasing Co., Ltd

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Lee John
John Lee

Registered Foreign Lawyer, E&W

Hong Kong

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30 October 2019

Allen & Overy has advised the joint lead managers in connection with the debut issuance of USD300 million 3.25% notes due 2020 (the “Notes”) by Avenue International Holding Limited (the “Issuer”) with the benefit of a keepwell and asset purchase deed provided by China Huarong Financial Leasing Co., Ltd. (“Huarong Leasing”), marking the first international debt securities issuance of a similar deal structure by the financial leasing arm of a Chinese asset management company.

The Notes, with a tenor of 363-day, also have the benefit of an interest reserve account provided by the Issuer, apart from the keepwell and asset purchase deed provided by Huarong Leasing. The Notes will be listed on the Hong Kong Stock Exchange.

This was the very first international debt securities issuance of a similar deal structure by the financial leasing arm of a Chinese asset management company, i.e. China Huarong Asset Management Co., Ltd., which is the largest financial asset management company in China in terms of total assets. This transaction will set a market precedent for other similar leasing companies’ international debt securities issuances in the future.

The Allen & Overy team was led by Partner John Lee, with support from Of Counsel Jessica Li, Associates Joel Lam and Yilin Zhang, and Trainee Hui Ling Yuen.

For further information, please contact Madhu Mirpuri (madhu.mirpuri@allenovery.com) on +852 2974 7377.

 

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