ZhongYin Assists CCSED with Successful Issuance of Phase I Asset-Backed Note For the year of 2018
On December 20, 2018, with the team
led by Li Zheng (the management committee chairman and a senior partner of
ZhongYin) as legal counsels, the “CHINA CONSTRUCTION SEVENTH ENGINEERING
DIVISION CORP. LTD 2018 Phase I Asset-Backed Note” was successfully issued in
the interbank market. Li Zheng and Li Lei as legal counsels provided
professional legal services for the project from start to finish.
The client of this project is CHINA
CONSTRUCTION SEVENTH ENGINEERING DIVISION CORP. LTD (short name CCSED). These notes
are backed by the accounts receivable and its subsidiary interests which CCSED
is entitled to under construction contracts and are issued to raise RMB 598
million, including RMB 538 million senior notes at a coupon rate of 4.97%, with
a rating of AAA. This issuance is the first issuance by CCSED in the inter-bank
market and this product is the first ABN promoted and established by a state-owned
enterprise led by central government in Henan Province.
In this project, the team led by Lizheng
was mainly responsible for verifying the qualifications of the issuer,
conducting a due diligence on the authenticity, legality and integrity of the
underlying assets, demonstrating the feasibility of the transaction structure from
a legal perspective, and so on. With professional and efficient service, the
ZhongYin team facilitated the successful issuance of this product and was
highly praised by the client and other parties of the transaction.