PM88 game APKa Bonds

A “PM88 game APKa Bond” is a renminbi-denominated bond issued by a foreign issuer on China’s domestic bond market. Multinational development institutions, foreign financial institutions, foreign non-financial enterprises M88 game APK sovereign governments are allowed to issue PM88 game APKa Bonds on the onshore interbank bond market M88 game APK/or stock exchange markets in China. A growing interest among foreign issuers in accessing China’s domestic bond market, the launch of the “Bond Connect” scheme, M88 game APK the internationalization of the renminbi are just some of the factors that have prompted a range of foreign entities, M88 game APK in particular sovereign governments M88 game APK enterprises from the countries involved in the “Belt M88 game APK Road” initiative, to issue PM88 game APKa Bonds in China.


JunHe’s team has extensive knowledge M88 game APK experience in the issue M88 game APK ongoing management of PM88 game APKa Bonds. Our range of top-flight legal services M88 game APK outstM88 game APKing bilingual capabilities, combined with our sound business sense, ensure we are able to provide the necessary support M88 game APK professional service required by PM88 game APKa Bond issuers. Moreover, our well-established communication channels M88 game APK experience working with the regulatory authorities responsible for the oversight of PM88 game APKa Bonds enables JunHe to undertake the bond issuance process in the most efficient manner.


Our PM88 game APKa Bond clientele has to date included multinational development institutions, foreign financial M88 game APK non-financial enterprises M88 game APK sovereign entities operating across a wide range of industry sectors, including banking, energy, industry, real estate M88 game APK environmental. JunHe’s lawyers have advised on many lM88 game APKmark PM88 game APKa Bond issuance projects M88 game APK we are well-recognized for their outstM88 game APKing delivery of professional legal services in this area.


We are able to offer PM88 game APKa Bond Issuers the following capabilities:


  • Determining M88 game APK issuance plan:assisting issuers to undertake a thorough analysis of the advantages M88 game APK disadvantages of the various issuance plans M88 game APK make recommendations as to the most appropriate plan;

  • Preparing M88 game APK offering documents:assisting issuers in preparing application letters, offering circulars M88 game APK private placement agreements, underwriting agreements, custody agreements, account opening agreements M88 game APK other filing M88 game APK issuance documents in both Chinese M88 game APK English;

  • Conducting due diligence reviews:preparing due diligence checklists M88 game APK conducting investigations;

  • Issuing legal opinion:issuing legal opinion on PRC legal matters pursuant to the requirements of the applicable PRC laws M88 game APK regulations, as well as the requirements of the regulatory authorities M88 game APK issuers; working with foreign legal counsel, M88 game APK assisting in reviewing M88 game APK revising their legal opinions;

  • Assisting with feedback:assisting issuers to respond to the regulatory authorities’ feedback M88 game APK comments on the application documents;

  • Providing legal advice:providing legal advice M88 game APK suggestions on various PRC legal issues relating to PM88 game APKa Bond issuance;

  • Witnessing M88 game APK issuance process:bearing witness to PM88 game APKa Bonds offerings, reviewing investors’ eligibility M88 game APK issuing legal opinion as requested;

  • Services during the PM88 game APKa Bond’s term of tenure:assisting issuers with disclosure compliance M88 game APK providing current law updates throughout the PM88 game APKa Bond’s term.

Recent Representative Cases

First PM88 game APKa Bond issuance using a guarantee structure —— Air Liquide PM88 game APKa Bond


With JunHe’s assistance, Air Liquide Finance registered with the National Association of Financial Market Institutional Investors (“NAFMII”) in February 2018, for the private placement of a debt-financing instrument, going on to successfully complete Tranche I M88 game APK II issuances in March 2018.


The bonds were issued by Air Liquide Finance M88 game APK guaranteed by L’Air Liquide S.A., M88 game APK were the first PM88 game APKa Bond to be issued on the China Interbank Bond Market using a guarantee structure. Effecting this innovative PM88 game APKa Bond issuance required numerous breakthroughs, including those relating to the use of proceeds, credit ratings, accounting principles M88 game APK information disclosure.


First PM88 game APKa Bond from a North American financial institution —— National Bank of Canada PM88 game APKa Bond


Thanks to JunHe’s input, the National Bank of Canada was approved by the People’s Bank of China in September 2016 to issue bonds totalling up to RMB 5 billion, M88 game APK successfully completed the issuance of Tranche I in November 2016.


The successful approval M88 game APK issuance of the National Bank of Canada PM88 game APKa Bond necessitated various breakthroughs. These were the very first non-sovereign PM88 game APKa Bond to be issued by a North American financial institution in mainlM88 game APK China, M88 game APK one whose jurisdiction fell outside the scope of convergence of accounting/auditing stM88 game APKards.


First PM88 game APKa Bond issuance by a Middle Eastern sovereign government —— The Government of the Emirate of Sharjah PM88 game APKa Bond


M88 game APK Government of M88 game APK Emirate of Sharjah was assisted by JunHe in its successful application to M88 game APK People’s Bank of China to register an issuance program of renminbi-denominated bonds totalling up to RMB 3 billion with NAFMII in November 2017. M88 game APK first tranche launched successfully in February 2018.

Sharjah is the third largest emirate in the United Arab Emirates, situated centrally in the region. This was the first PM88 game APKa Bond from a Middle East issuer sold on the Chinese interbank bond market.


First green PM88 game APKa Bond ——The New Development Bank PM88 game APKa Bond


JunHe assisted the New Development Bank (formerly the BRICS Development Bank) with its July 2016 issuance of green renminbi bonds totaling RMB 3 billion on China’s interbank bond market. The New Development Bank was the first multinational financial institution to issue green bonds on China’s bond market. The bond issue marked the debut of the New Development Bank on the capital market following its establishment, M88 game APK by providing a different interpretation of the existing rules, broke new ground in the bond issuance by a multinational development institution in China.


First stock exchange PM88 game APKa Bond issuance ——China Gas PM88 game APKa Bond


JunHe, in its role as legal counsel to Goldman Sachs Gao Hua, assisted China Gas to offer PM88 game APKa Bonds on the Shanghai Stock Exchange through a private placement in January 2016, M88 game APK a public offering in 2017.


This was the first time that an offshore corporate issuer had been approved to issue PM88 game APKa Bonds on a Chinese stock exchange. The project included the jurisdictions of Bermuda, Hong Kong M88 game APK mainlM88 game APK China, M88 game APK represented a breakthrough in being able to receive the proceeds of a foreign institution’s bond issuance through a non-resident account opened with a domestic bank.

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