Dentons Lawyers Advise China Development Bank on 2016 Phase-I Credit Assets-Backed Securities Issuance

China Development Bank recently issued its first phase of 2016 Kaiyuan credit assets-backed securities after it was granted approval from People’s Bank of China. At a scale of 6.3479 billion yuan and issued through bookbuilding, the securities were divided into preferred A-1-grade ones, preferred A-2-grade ones, and preferred B-grade ones and subordinate ones. CITIC Trust Co., Ltd. acted as the issuing agency, China Development Bank Securities Co., Ltd. as the lead underwriter, and Deloitte & Touche as auditing and tax advisor.

China Development Bank, a pioneer in China’s asset securitization market, has always been the No.1 issuer, with 26 batches of credit assets-backed securities being issued since 2005, raising a total of 232.789 billion yuan.

A Dentons team led by Beijing-based senior partner Guo Qing advised China Development Bank on the stock issuance. The team also included attorneys Yin Yanhong and paralegal Wang Yunsong. Since 2004, Guo has participated in research and evaluation of trial runs of credit assets-backed securities offerings at China Development Bank, and witnessed the publication of regulatory documents relevant to these trial runs. He has also advised China Development Bank on the issuance of multiple batches of credit assets-backed securities.