Appleby Advised Yuexiu Transport on US$1bn MTN Programme

Appleby acted as BVI and Bermuda counsel to Yuexiu Transport Infrastructure Limited (Yuexiu Transport) in the establishment of a guaranteed US$1 billion medium term note programme (Programme) issued by a wholly-owned subsidiary of the company. Under the Programme, a debut €200 million 1.625% guaranteed notes due 2018 will be issued on 7 May. The Programme is listed on the Stock Exchange of Hong Kong while the notes will be listed on the Irish Stock Exchange.

Yuexiu Transport, a Bermuda-incorporated company listed in Hong Kong, operates and invests in expressways in Southeast China’s Guangdong province. This bond issuance marked the first time an expressway company in China has offered Euro-denominated notes outside of China, taking advantage of the recent low interest rates in the eurozone. It is also the first Euro-denominated note issuance by the Yuexiu Group.

The Appleby team was led by Judy Lee, a corporate partner in Appleby’s Hong Kong office, assisted by Counsel Jo Lit and Associate Joanne Loi. Baker & McKenzie advised Yuexiu Transport as to Hong Kong and English law. Linklaters advised the sponsors and underwriters as to Hong Kong law, while Zhonglun Law Firm was the legal adviser as to PRC law. Linklaters is also the Hong Kong legal adviser to the Trustees.

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