Published on 4/29/2021 in the Prospect News Emerging Markets Daily.
New Issue: AVIC’s Hyd International unit sells $260 million 3.1% bonds due 2026
By Marisa Wong
Los Angeles, April 29 – Hyd International Holding Ltd. priced $260 million of 3.1% guaranteed bonds due 2026 (A3) guaranteed by parent company AVIC Automotive Systems Holdings Co., Ltd.
The bonds were sold at par, according to a company announcement.
China International Capital Corp. Hong Kong Securities Ltd., China Securities (International) Corporate Finance Co. Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Guosen Securities (HK) Capital Co. Ltd., China Construction Bank (Asia) Corp. Ltd., Bocom International Securities Ltd., Guotai Junan Securities (HongKong) Ltd., Haitong International Securities Co. Ltd., CEB International Capital Corp. Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch and CMBC Securities Co. Ltd. are the joint lead managers and joint bookrunners for the Regulation S offering.
China International Capital Corp., China Securities International, Shanghai Pudong Development Bank and Guosen Securities (HK) are also joint global coordinators.
Proceeds will be used to repay offshore borrowings and for general corporate purposes.
AVIC is a state-owned auto parts manufacturer in China. The issuer is based in Hong Kong.
| Issuer: | Hyd International Holding Ltd.
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| Guarantor: | AVIC Automotive Systems Holdings Co., Ltd.
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| Issue: | Bonds
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| Amount: | $260 million
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| Maturity: | April 28, 2026
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| Bookrunners: | China International Capital Corp. Hong Kong Securities Ltd., China Securities (International) Corporate Finance Co. Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Guosen Securities (HK) Capital Co. Ltd., China Construction Bank (Asia) Corp. Ltd., Bocom International Securities Ltd., Guotai Junan Securities (HongKong) Ltd., Haitong International Securities Co. Ltd., CEB International Capital Corp. Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch and CMBC Securities Co. Ltd.
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| Coupon: | 3.1%
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| Price: | Par
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| Yield: | 3.1%
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| Call option: | In whole at par upon tax event
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| Put option: | At 101 upon change of control; at par if no registration event occurs
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| Pricing date: | April 22
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| Settlement date: | April 28
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| Rating: | Moody’s: A3
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| Distribution: | Regulation S
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