Dentons advises Ping An International Financial Leasing on publicly issuing renewable corporate bonds

Recently, Ping An International Financial Leasing Co., Ltd. (Ping An Leasing) successfully issued its 2019 renewable corporate bonds (Series I) on the Shanghai Stock Exchange. The issuing size of the bonds is RMB 1.9 billion, and the coupon rate is 4.96%, which is higher than the market average during this period.

Ping An Securities served as the lead manager. The bonds will be re-priced every three interest-bearing years, and continue to be in effect before the issuer chooses to redeem the bonds at the end of the re-pricing cycle or makes redemption in accordance with the terms of issuance. Renewable corporate bonds are standardized products issued on stock exchanges and the issuing quota can be credited to the company's equity, thus meeting the need of decreasing solvency ratio while realizing financing.

The company was advised by a Dentons Shanghai team, led by Senior Partner Li Yingying, with assistance from Associate Chen Junru and Paralegals Wang Ruixin and Cai Yiqi. The team worked closely with other participating agencies, and provided comprehensive and high-quality legal services for the client, facilitating the smooth bond review and successful issuance.