Minsheng brings loan-backed notes to life

China’s Minsheng Financial Leasing Co reintroduced bonds backed by loans to the Asian market this week, but the revival of such a rare structure for the region comes with challenges and concerns.

  • By Addison Gong
  • 21 Mar 2019
Minsheng Leasing’s new $450m 4.5% 2022 bond was issued by Landmark Funding 2019, a special purpose vehicle incorporated in the Cayman Islands. The proceeds of the bond were loaned to Minsheng Hong Kong International Leasing, which is wholly owned by Minsheng Leasing. The parent, in turn, provided a ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

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1 CITIC Securities 9,346.38 46 7.81%
2 Goldman Sachs 8,791.68 35 7.35%
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4 China International Capital Corp Ltd 6,923.83 42 5.79%
5 UBS 6,281.96 46 5.25%

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1 HSBC 21,140.46 182 8.46%
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3 JPMorgan 13,488.58 90 5.40%
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5 Bank of America Merrill Lynch 9,668.56 74 3.87%

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