Dentons advises Agricultural Bank of China on its first RMBS issuance

Recently, Dentons advised Agricultural Bank of China Limited (ABC) on successfully issuing its first RMBS product – Nongying 2018 Series V Residential Mortgage-Backed Security (the "Product"). The product was successfully established on September 27, 2018, with an issue size of RMB 10.316 billion. The A-1 grade accounted for RMB 4 billion, with an interest rate of 3.73%; the A-2 grade accounted for RMB 5 billion, with an interest rate of 4.80%. The rates were relatively low.

CCB Trust acted as the issuer and trustee, China Merchants Securities served as the lead underwriter and book runner, and CITIC Securities, Everbright Securities and BOC International (China) were the joint lead managers. The Dentons team was led by senior partner Guo Qing (Beijing), assisted by Wang Yunsong, Liu Jia, Chen Bojian and Dai Yilin. They provided a full scope legal assistance on this deal, including designing and demonstrating deal structure, legal due diligence, legal consultation, drafting and revising transaction documents, and issuing an attorney's opinion letter.