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. (Company).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.
The Company is a major investment, financing, asset and project management platform in the Banan Economic Zone which is wholly owned by the Banan Finance Bureau. It plays an important role in the development of the Banan Economic Zone. Since its establishment in 2007, the Company 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 PRC law and English law. The PRC team was led by partners Peng Jin, George Gao and Liu Feng with support from associates Yang Wei, Tang Siyu and Tian Yang. The international team was led partner Michael Lu with support from senior associate Paul Marks and associate Janet Wong.