Overview

Haitong Bank acted as a Joint Manager on the USD80m 6.800% Bonds due 2019 issued by Shijiazhuang Transportation Investment Development Co., Ltd. (the “Issuer”). The Bonds will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all times rank paripassu and without any preference among themselves. Proceeds from the Bonds will be used for general corporate purposes

Established in March 1996, the Issuer is a state-owned company owned by the Shijiazhuang Transportation Bureau and the Shijiazhuang Highway Qiaoliang Centre, a sub-unit of the Shijiazhuang Transportation Bureau. As at 31 May 2018, the Shijiazhuang Transportation Bureau and the Shijiazhuang Highway Qiaoliang Centre held approximately 99.77% and 0.23% of the equity interest in the Issuer, respectively.

The Group is principally engaged in the operation and management of a toll expressway section in Hebei Province, namely, the Shijiazhuang section of the Zhangshi Expressway.

Other businesses conducted by the Group primarily include property leasing, restaurant catering service, advertising services, sale of electromechanical equipment, property management service and highway information consultancy service.

Haitong Bank acted as a Joint Bookrunner on the USD100m 7.500% guaranteed Bonds due 2021 issued by New Dian Group Pte. Ltd. unconditionally and irrevocably guaranteed by Kunming Iron & Steel Holding Co., Ltd. Fitch has assigned a corporate rating of ‘‘BBB’’ to the Guarantor with a ‘‘stable’’ outlook. The Bonds are expected to be assigned a rating of ‘‘BBB’’ by Fitch. Listing venue for the Bonds will be Singapore Exchange Securities Trading Limited (SGX-ST).The net proceeds of the notes will be used for general corporate purposes and refinancing.

The Issuer, New Dian Group Pte. Ltd., was incorporated in Singapore on 14 January 2014. The Issuer is a private company and is a directly wholly owned subsidiary of the Guarantor.

The group is approximately 85% owned by State-owned Assets Supervision and Administration Commission of the Yunnan Provincial People’s Government and 15% owned by Kunming Heze, and under the direct supervision of the State-owned Assets Supervision and Administration Commission of the Yunnan Provincial People’s Government.

The Group focuses on nine business sectors under four segments: (i) natural resource products segment, comprising the iron ore mining business, the coal chemical production business and the building cement production business, (ii) modern services segment, comprising the logistic and warehousing business, the power and energy business, the trading business and other modern services businesses, (iii) new material business segment, comprising the heavy equipmentmanufacturing business and the ferroalloybusiness, and (iv) other businesses.

Founded in 2009, Therium is one of the leading third party litigation funders in the UK market. It focuses on large commercial litigation and arbitration claims. Since the company started trading it has reviewed c.1,200 investment opportunities.

The company sources potential cases for funding principally from solicitors, brokers, insolvency practitioners and other professionals advising on litigation as well as, occasionally, from claimants themselves. The company has an existing and growing network of relationships with a wide range of firms of solicitors active in commercial litigation as well as strong links with a number of other relevant intermediaries in the third party funding area in the UK.

To date it has funded US$5bn of claims (including current commitments).  Therium invests across 10 funds and is active in five continents in litigation and arbitration finance with offices in London, Jersey, New York and Oslo.

Haitong Bank acted as Joint Lead Manager and Joint Bookrunner on a USD-denominated dual tranche issue: US$200m 7.875% guaranteed, senior, fixed-rate 3 year notes and US$225m 8.125% guaranteed, senior, fixed-rate 5NC3 notes issued by Tahoe Group Global (Co.,) Limited.

The notes are guaranteed by Tahoe Group Co., Ltd., rated B1 (Moody’s) / B (S&P) / B (Fitch) and the securities are expected to be rated B2 (Moody’s) / B- (S&P) / B- (Fitch).

The issuer is a wholly owned subsidiary of Tahoe Group (Guarantor), a leading real estate firm in China with Market Cap of ~CNY38bn (US$5.8bn) primarily engaged in the development of residential and commercial real estate. With approximately 70 live property development projects, including 12 in Beijing and five in Shanghai, Tahoe is one of the leading high real estate developers in China, offering differentiated products and services to achieve a high turnover with high quality offerings.

The Guarantor is listed in Shenzhen Stock Exchange (000732.SZ). Huang Qisen, Chairman and President of Tahoe directly and indirectly owns ~47% of the outstanding shares.