King & Wood Mallesons (KWM) represented the joint global coordinators, joint lead managers and joint bookrunners in the issuance of the S$150 million 4.35% credit enhanced bonds due 2021 by Chongqing Banan Economic Park Development & Construction Co., Ltd. (Chongqing Banan Economic Park). The bonds are listed on the Singapore Exchange.
This transaction marks the first public issuance of Singapore-denominated bonds supported by a standby letter of credit in recent years and is the first issuance of its type under the China-Singapore (Chongqing) Connectivity Initiative.
Chongqing Banan Economic Park is a major investment, financing, asset and project management platform in the Banan Economic Zone which is wholly-owned by the Banan Finance Bureau. Established in 2007, Chongqing Banan Economic Park has played an important role in the development of the Banan Economic Zone and has engaged in a number of projects to increase the urbanisation and commercial attractiveness of the Banan Economic Zone, involving primary land development and infrastructure construction.
KWM advised its clients on matters in respect of English law and PRC law. The international team was led by Michael Lu, with support from Paul Marks, Janet Wong and Danny Wang. The PRC team was led by Peng Jin, George Gao and Liu Feng, with support from Yang Wei, Tang Siyu and Tian Yang.