Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News May 22, 2019

Shearman & Sterling Advises on 10 Property Company Bond Offerings in China Worth $4.78 Billion

Shearman & Sterling advised on 10 property company bond offerings in China in Q1 2019, including offerings by CFLD (Cayman) Investment Ltd, Future Land Development Holdings Limited, New Metro Global Limited and Sunac China Holdings Limited. All 10 deals were led by partner Alan Yeung (Hong Kong-Capital Markets).

CFLD (Cayman) Investment Ltd’s $1.63 Billion Senior Notes

  • Represented CMB International, Guotai Junan Securities, Haitong International Securities, Bank of China, BOCOM International, China CITIC Bank International, China Industrial Securities International and Orient Securities (Hong Kong) as joint lead managers in connection with CFLD (Cayman) Investment Ltd’s offering of $350 million aggregate principal amount of 7.125% senior notes due 2022 and $650 million aggregate principal amount of  8.6% senior notes due 2024.
  • Represented BOCOM International, CEB International, Central Wealth Securities, China CITIC Bank International, China International Capital Corporation, CMB International, Credit Suisse (Hong Kong), Guotai Junan Securities (Hong Kong), Haitong International, HSBC, J.P. Morgan, Morgan Stanley, Ping An of China Securities as joint lead managers in connection with CFLD (Cayman) Investment Ltd’s offering of $530 million aggregate principal amount of 8.625% senior notes due 2021.
  • Represented CMB International as the sole lead manager in connection with CFLD (Cayman) Investment Ltd’s offering of $100 million aggregate principal amount of 6.5% senior notes due 2020.

Future Land Development Holdings Limited’s $500 Million Senior Notes 

  • Represented Future Land Development Holdings Limited in connection with its offering of  $300 million aggregate principal amount of 7.5% senior notes due 2021 and $200 million aggregate principal amount of 6.15% senior notes due 2023.

New Metro Global Limited’s $300 Million Senior Notes

  • Represented New Metro Global Limited, a subsidiary of Future Land Holdings Co., Ltd., in connection with its offering of $300 million aggregate principal amount of 6.75% senior notes due 2020.

Sunac China Holdings Limited’s $2.35 Billion Senior Notes 

  • Represented HSBC, Morgan Stanley, China CITIC Bank International, China Industrial Securities International, CMB International, Deutsche Bank AG (Hong Kong Branch), Guotai Junan Securities, ICBC International and Nomura International (Hong Kong) as initial purchasers in connection with Sunac China Holdings Limited’s offering of $750 million aggregate principal amount of 7.95% senior notes due 2023 and $800 million aggregate principle amount of 7.875% senior notes due 2022.
  • Represented Morgan Stanley & Co. International PLC as initial purchasers in connection with Sunac China Holdings Limited’s offering of $200 million aggregate principal amount of 8.35% senior notes due 2023.
  • Represented HSBC, Morgan Stanley, China CITIC Bank International, China Industrial Securities International, CMB International, Guotao Junan Securities (Hong Kong), ICBC International and Nomura International (Hong Kong) as initial purchasers in connection with Sunac China Holdings Limited’s offering of $600 million aggregate principal amount of 8.375% senior notes due 2021.

The transactions were supported by international specialist Yiming Chen (Shanghai-Capital Markets).

The team

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