An Australian subsidiary of Shanghai Baosteel Group Corporation has raised US$500 million through the issue of bonds listed on the Hong Kong Stock Exchange. The bonds are guaranteed by Baosteel Resources International Company Limited and are due in 2020.

This is one of the first (if not the first) issue of bonds on the Hong Kong Stock Exchange by an Australian subsidiary of a Chinese state-owned enterprise outside the banking sector.

Freshfields Bruckhaus Deringer has advised BNP Paribas on the issue of bonds by Qingdao City Construction Investment (Group) Limited (Qingdao City Construction).

The issue is comprised of two tranches – the US$500m bonds, due 2020 at 4.75 per cent and the US$300m bonds, due 2025 at 5.95 per cent.

Freshfields advised BNP Paribas in its capacity as the sole global coordinator for the bonds.

In February, 2015, Zhongou Shengshi Asset Management (Shanghai) Co., Ltd. offered pawn assets-backed securities under Zhongou Shengshi-Zhongan Xinbang No.1 Special Asset Management Plan.

The plan was set up by Zhongou Shengshi Asset Management (Shanghai) Co., Ltd. for the management of specific assets for a number of chosen investors. Assets collected under the plan would be used to buy creditor’s right owned by Shanghai Xinbang Pawn Co., Ltd. and Beijing Xinbang Pawn Co., Ltd..

Noerr advised the banks on the conclusion of a new syndicated loan agreement for 86 million Euro with the specialty metal group SKW Metallurgie. Commerzbank AG and NordLB acted as arrangers.

Herbert Smith Freehills has recently advised a syndicate of banks on a €350 million refinancing transaction for Faively Transport.

On 28 January 2015, Faiveley Transport, a world-leading supplier of on-board railway systems, refinanced its syndicated loan and part of its bilateral revolving facilities, replacing them with a new syndicated loan.

Together with Clifford Chance Frankfurt (lead) and Advokatfirman Vinge, Walder Wyss has advised HSH Nordbank AG on the SME securitisation of trade receivables acquired in Germany, Sweden and Switzerland by ABS Global Factoring AG from local originators via Smart Fact S.A., a securitisation company in Luxembourg.

Clifford Chance has advised State Grid International Development Limited (SGID) on its offering of EUR700 million 1.50% guaranteed notes due 2022 and EUR300 million 2.45% guaranteed notes due 2027 through State Grid Europe Development (2014) Public Limited Company, a wholly-owned special purpose vehicle. The joint global coordinators are Deutsche Bank, HSBC and Morgan Stanley and the other joint lead managers are ANZ, Bank of China, Barclays and the Royal Bank of Scotland. The notes are listed on the Irish Stock Exchange.

Davis Polk advised the underwriters on the registered offering of $400 million aggregate principal amount of 2.650% notes due 2025, $200 million aggregate principal amount of 3.550% notes due 2042 and $150 million aggregate principal amount of floating-rate notes due 2017 by Praxair, Inc. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC  acted as joint book-running managers for the offering. 

Davis Polk advised CAR Inc. in connection its 144A and Regulation S offering of $500 million 6.125% senior notes due 2020. The notes are guaranteed by certain offshore subsidiaries of CAR Inc. The proceeds from this offering will be used for capital expenditure and other general corporate purposes, including refinancing outstanding indebtedness, to enhance CAR Inc.’s capital structure. 

Paul Hastings has announced that the firm advised Sino-Ocean Land Holdings Limited as the guarantor in relation to the issue by its wholly-owned subsidiary, Sino-Ocean Land Treasure Finance II Limited, of US$700 million guaranteed notes due 2020 and US$500 million guaranteed notes due 2027.