ZhongYin Assists Industrial Bank with Successful Issuance of Personal Housing Mortgage Loan ABS
On September 25, 2020, with the team led by Dong Wan (a senior partner of ZhongYin Law Firm) as legal counsel, Xingyuan 2020 Tranche 1 Personal Housing Mortgage Loan Asset-Backed Securities (“ABS”) was successfully issued in the national interbank bond market.
With Industrial Bank Co., Ltd. (“Industrial Bank”) as issuer, the ABS is backed by personal housing mortgage loans granted by Industrial Bank and their subsidiary security interests. The ABS is issued to raise RMB2.017 billion, and consists of RMB0.215 billion A-1 senior notes at a coupon rate of 3.18% with a credit rating of AAAsf and RMB1.5 billion A-2 senior notes at a coupon rate of 3.75% with a credit rating of AAAsf, and RMB0.302 billion subordinate notes.
Dong Wan and her team members represented on the ABS, through legal judgment on the standing of all parties to the transaction and the compliance of the real sale of credit assets, due diligence on the authenticity, legality, and integrity of credit assets, assistance with the transaction structuring from a legal perspective, and drafting of transaction documents, legal opinions, due diligence reports and other relevant documents, facilitating the issuance of the ABS, and with professional and efficient services, winning the unanimous recognition from the clients and other intermediaries participating in the project.