China Development Bank unit renews $10 billion note program

By William Gullotti

Buffalo, N.Y., Nov. 22 – China Development Bank Financial Leasing Co., Ltd. updated and listed its $10 billion medium-term note program, according to a listing notice with an appended offering circular on Wednesday.

Under the program, China Development Bank Financial Leasing will be responsible for the direct issuance notes (A1//A+), and CDBL Funding 2 will issue the KW notes (A2//A+).

Notes issued under the Regulation S program are guaranteed by CDB Leasing (International) Co. Ltd. with the benefit of a keepwell and asset purchase deed provided by China Development Bank Financial Leasing.

Standard Chartered Bank remains the sole program arranger.

Standard Chartered is also serving as a dealer alongside Bank of China, Bank of Communications, China Citic Bank International, HSBC, DBS Bank Ltd. and China Minsheng Banking Corp., Ltd., Hong Kong Branch.

HSBC Ltd. is the trustee.

King & Wood Mallesons, Global Law Office and Ogier are legal advisers to the program issuers, with Allen & Overy and JunHe LLP serving as counsel to the dealers.

The 12-month program has an effective date of Nov. 21, and the listing became effective on the Hong Kong Exchange on Nov. 22.

The issuer is a subsidiary of Beijing-based China Development Bank.

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