King & Wood Mallesons (KWM) advised Guotai Junan International Holdings Limited (Guotai Junan International) on its two successful drawdowns in the aggregate principal amount of US$500 million under its HK$35 billion senior unsecured medium-term note (MTN) programme, including the inaugural issuance of three-year Secured Overnight Financing Rate (SOFR) digitally native notes (DN notes) in an aggregate principal amount of US$300 million.
The DN notes were created in dematerialised book entry form on HSBC Orion and were settled and cleared through The Central Moneymarkets Unit (CMU) of The Hong Kong Monetary Authority. HSBC Orion is a distributed ledger technology (DLT) platform currently operated by CMU. The DN notes will be listed on the Hong Kong Stock Exchange (HKSE).
This transaction marks the first HKSE-listed digitally native notes issued by a Chinese securities firm.
KWM advised Guotai Junan International as international counsel on all aspects of this transaction, including transaction structuring, tokenisation related issues, listing and settlement.
The KWM team was led by Michael Lu and Angus Sip with support from Herman So, Bernice Wang and Rita Li.
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