HONG KONG (April 22, 2013) – Morrison & Foerster recently advised BOCI Asia Limited and HSBC as joint global coordinators and UBS AG and BNP Paribas as joint lead managers and joint bookrunners for Golden Wheel Tiandi's (Golden Wheel) RMB600 Million (approximately US$97 million) 11.25% three-year senior notes offering. This is the first RMB high-yield bond offering in Hong Kong by a PRC property developer as a debut issuer this year. The notes are rated B2, B and B by Moody's, S&P and Fitch respectively and attracted robust orders from private bank accounts, fund and asset managers in Asia.
The firm also represented Golden Wheel in their HK$756 million Hong Kong IPO in January, which was the first major Hong Kong IPO of 2013.
Morrison & Foerster Hong Kong capital markets partner Melody He-Chen led the transaction team while capital markets partner, and Hong Kong managing partner, Ven Tan handled the Hong Kong listing matters.
"This is a great transaction for the sector and once again demonstrates that our strong capital markets practice in Hong Kong remains at the forefront of the market," noted Mr. Tan.