Minsheng Leasing returns to loan-backed notes

By Morgan Davis
04 Mar 2021

China's Minsheng Financial Leasing Co sold a rare loan-backed bond on Wednesday, replicating a structure it has favoured in the past.

Minsheng Leasing used the senior secured loan-backed bond structure to sell deals in 2015, 2016 and 2019. Its trade this week was similarly structured, as the bond was issued by special purpose vehicle Landmark Funding 2020 and the supporting loan was guaranteed by Baa3/BBB- rated Minsheng Leasing. ...

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