Synthetic property bonds, offshore oil notes

At the end of January, Paul Hastings Janofsky & Walker advised China SCE Property Holdings, which is listed on the Hong Kong stock exchange, on its offering of a five-year RMB2 billion (US$301 million) synthetic offshore renminbi bond. Deutsche Bank’s Singapore branch and HSBC were joint bookrunners. The bond is significant in that it is denominated in renminbi, yet settlement is in US dollars.