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Conyers advises COSCO Finance (2011) Limited on US$1 billion bond issue

January 2013 Richard Hall

Conyers Dill & Pearman recently advised COSCO Finance (2011) Limited, a wholly owned subsidiary of China COSCO Holdings Company Limited, on its issuance of credit-enhanced bonds valued at US$1 billion. Due in 2022, the bonds have a 4% interest rate per annum. Headquartered in the PRC, China COSCO Holdings Company Limited provides a wide range of services covering the entire shipping value chain.

The bonds were rated A1-as a result of the execution of a keepwell deed,and credit enhancement of the bonds by the issue of a standby letter of credit to the Trustee.

Richard Hall of Conyers’ Hong Kong office advised COSCO Finance (2011) Limited on this deal, which is particularly notable given the issues confronting the shipping industry as well as the current state of global capital markets.


Richard Hall

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