CHMT Peaceful Development Asia Property has listed US$4.1 billion of bonds on The International Stock Exchange (TISE). The bond listing relates to the financing of the acquisition of Hong Kong’s fifth-largest skyscraper, The Center, which is the world’s most expensive real estate transaction for a single building to date.
The bonds were listed in two tranches, of approximately US$3.3 billion tranche A notes and US$800 million tranche B notes, with an 18-month maturity. Fiona Le Poidevin, chief executive officer of The International Stock Exchange Group (TISEG), said: “It is hugely pleasing that TISE was chosen as the listing venue for such a significant and notable bond issuance.
“This provides yet further evidence that issuers and their advisers are increasingly viewing TISE as the exchange of choice for listing specialist debt securities and especially where there is an international dimension. This is one of a number of Chinese-origin issuances we have seen coming to TISE recently and I am excited about the potential to grow this pipeline of business from Asia.”
Walkers has acted as listing sponsor and adviser to CHMT Peaceful Development Asia Property. The Jersey office of Walkers worked with their counterparts at Ashurst in Hong Kong, and the team at TISE to complete the listing. The Walkers team comprised Christophe Kalinauckas, listings manager Piotr Kobus, Nigel Weston and Alexandra Corner.
Christophe Kalinauckas, senior counsel at Walkers in Jersey, said: “This is one of a number of Chinese-backed bond listings that we have seen recently on TISE. Given all of the options globally, it is exciting to see such large and sophisticated organizations choosing the Channel Islands for their business.”