Global law firm Ashurst acted as English counsels to Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (CGIF), as a Guarantor providing an unconditional and irrevocable guarantee to the S$150 million 5-year SGX listed Singapore dollar denominated bonds, issued by Daewoo Engineering & Construction Co., Ltd, a leading Korean construction company and cleared through the Central Depository Pte Ltd. (CDP). The proceeds of the issuance will be used for two key projects with the Land Transport Authority of Singapore contributing to the expansion of the Mass Rapid Transit network.
Ashurst has established a long-standing relationship with CGIF and this is one of the multiple deals Ashurst has worked on with CGIF as they continue to promote the local currency capital markets in Asia by credit wrapping Asian based issuers, including most recently, the Malaysian Ringgit denominated MTNs issued by Hektar MTN Satu Sdn.
Gene Soon Park, General Counsel and Board Secretary of Credit Guarantee and Investment Facility, commented, “Support and guidance by Ashurst has been awesome, not only in the quality of work on a timely manner, but also the overall business strategy with abundant experiences.”
The transaction was led by global co-head of finance, funds and restructuring , supported by and Crystal Yeung.
