The Asset recognized two deals on which Sidley advised at its 2019 Triple A Sustainable Capital Markets Regional Awards. Fosun International Limited’s €400 million senior notes was recognized as “Best Bond” in the conglomerate section, while Kaisa Group Holdings Limited’s US$400 million senior notes was recognized as “Best High-Yield Bond” in the real estate section. The annual awards recognize significant deals that focus on sustainable growth, as well as the institutions behind them.
Sidley represented Fosun International Limited in connection with its offering through its wholly-owned subsidiary, Fortune Star (BVI) Limited, as the issuer of €400 million 4.35% senior notes due 2023, pursuant to Regulation S. This is Fosun International’s debut euro senior note public transaction and also represented the first public euro bond deal by a Chinese high-yield company. The Sidley team included Carrie Li, David E. Howe and Oliver Zhong.
The firm represented Kaisa Group Holdings Limited in its offering of US$400 million 11.95% senior notes due 2022, including “high-yield” covenants and pursuant to Rule 144A and Regulation S. Kaisa subsequently issued an additional offering of US$200 million senior notes. This is the first time the company issued senior notes under the Rule 144A format since 2014 and the first Rule 144A issuance by a Chinese property developer since 2015. The offering has significantly broadening Kaisa Group Holdings Limited’s investor base. The Sidley team included Renee Xiong and Dominic Sze.
