Recent Asian debt market transactions have put high-yield notes capabilities back on law firm agendas. Four Chinese property companies have recently offered high-yield notes with a total deal value of US$1.37bn.
As the four major offerings took place almost simultaneously, many firms including Jingtian & Gongcheng, Commerce & Finance, Davis Polk and Conyers Dill & Pearman have benefited from mandates by both issuers and purchasers.
The four - Fantasia Holdings, Yanlord Land, Renhe Commercial and Agile Property - are amongst the latest to turn to offshore funding in light of tightening domestic markets, raising US$120m, US$300m, US$300m and US$650m respectively.
Agile Property high-yield notes offering
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US$650m
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Synopsis Agile Property offers high-yield notes
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Firm
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Client
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Role
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Jingtian & Gongcheng
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Issuer
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PRC counsel
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Sidley Austin
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Issuer
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US and Hong Kong counsel
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Conyers Dill & Pearman
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Issuer
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BVI and Cayman Islands counsel
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Commerce & Finance
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Initial Purchasers
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PRC counsel
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Davis Polk & Wardwell
[Lead partners: William Barron and John Paton
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Initial purchasers
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US counsel
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Agile is a Chinese property developer based in Guangzhou, China, and is one of the largest property developers in the Pearl River Delta region.
*Merrill Lynch International, Morgan Stanley, Deutsche Bank Singapore and Standard Chartered Bank acted as initial purchasers
Renhe Commercial high-yield notes offering
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US$300m
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Synopsis Renhe Commercial offers high-yield notes
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Firm
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Client
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Role
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Jingtian & Gongcheng
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Issuer
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PRC counsel
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Conyers Dill & Pearman
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Issuer
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Cayman Islands counsel
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Norton Rose
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Issuer
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Hong Kong counsel
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Davis Polk & Wardwell
[Lead partners: William Barron, John Paton and Show Mao Chen]
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Issuer
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US counsel
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Kaiwen Law Firm
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Initial purchasers
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PRC counsel
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Latham & Watkins
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Initial purchasers
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US counsel
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Renhe's US$435m IPO two years ago was advised by Morrison & Foerster and Latham & Watkins. Conyers Dill & Pearman, Jingtian & Gongcheng, Kaiwen and Norton Rose also played a part advising Renhe's IPO, but all four firms were engaged by joint arrangers instead.
Renhe is a PRC-based underground shopping centre operator and developer that focuses on the operation and development of stand-alone underground shopping centres.
*JPMorgan Securities and Merrill Lynch and UBS AG acted as initial purchasers for the offering.
Yanlord Land Group high-yield notes offering
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US$300m
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Synopsis Yanlord Land offers high-yield notes on the Mainboard of the SGX
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Firm
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Client
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Role
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Shook Lin & Bok
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Issuer
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Singapore counsel
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Davis Polk & Wardwell
[Lead partners: William Barron and John Paton
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Issuer
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US counsel
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Lovells
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Issuer
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Hong Kong and UK counsel
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Yuan Tai
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Initial purchasers
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PRC counsel
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Skadden
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Initial purchasers
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US counsel
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This offering is Yanlord's debut offering of non-convertible debt securities.
*The Royal Bank of Scotland and Standard Chartered Bank acted as initial purchasers for the offering.
Fantasia high-yield notes offering
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US$120m
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Synopsis Fantasia offers high-yield senior notes due 2015
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Firm
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Client
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Role
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Commerce & Finance
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Issuer
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PRC counsel
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Sidley Austin
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Issuer
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US and Hong Kong counsel
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Conyers Dill & Pearman
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Issuer
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Cayman Islands counsel
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King & Wood
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Initial purchasers
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PRC counsel
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Davis Polk & Wardwell
[Lead partners: William Barron and John Paton
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Initial purchasers
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US counsel
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* Citigroup Global Markets, Merrill Lynch International and UBS AG are the initial purchasers. ALB