Ashurst represented CITIC Securities International in one of the largest dim sum bond issuances by Chinese financial institutions this year
27 July 2023
27 July 2023
Global law firm Ashurst acted as the international legal counsel to CITIC Securities International Company Limited ("CITIC Securities International"), acting as the guarantor, in the successful issuance by its wholly owned subsidiary, CSI MTN Limited, of CNY2.5 billion 3.1 per cent guaranteed notes due 2026. This issuance was a drawdown under CSI MTN Limited's US$3 billion medium-term note programme (for which CITIC Securities International acted as guarantor). The notes were listed on The Stock Exchange of Hong Kong Limited. This transaction sets the record for the lowest interest rate for dim sum bond public offerings by Chinese non-bank financial institutions in 2023 to date.
This issuance is another important transaction, following the firm's representation of CITIC Securities International, acting as guarantor, in the establishment of CSI MTN Limited's US$3 billion medium-term note programme and the first US dollar-denominated drawdown thereunder in 2022. The transaction was completed under the challenging conditions of the current offshore capital markets and has demonstrated investors' strong appetites for dim sum bonds as well as dedication to Renminbi internationalisation.
Lead partner Jini Lee commented: "We are honoured to have assisted CITIC Securities International again in completing the dim sum bond issuance. The transaction marks an important milestone as one of the largest dim sum bond issuances by Chinese financial institutions this year. We look forward to continuing to support our clients and contribute to Renminbi internationalisation."