On April 8, 2015, Fujian Haixia Bank Co., Ltd. gained approval from People’s Bank of China for issuing no more than RMB2bn worth of bonds in the national interbank bond market to replenish the bank’s tier-2 capital. On April 27, the bonds were successfully issued.
Shanghai-based senior partner Chen Fenfei and associate Zhang Shumin advised Fujian Haixia Bank on the issuance. Their service included but not limited to conducting due diligence over the bank and its branches, issuing attorney’s opinion letter, reviewing and revising the prospectus and the underwriting agreement.
A total of RMB2bn ten-year-term fixed-interest-rate bonds were issued, bounded by redemption right of the issuer at the end of the fifth year and a write-down clause. China Merchants Bank and China Securities acted as joint lead underwriter and the bonds were offered to the national interbank bond market by tender.
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