Published on 8/23/2023 in the Prospect News Emerging Markets Daily.
New Issue: Zhuhai Rural Commercial Bank prices RMB 500 million 3½% green bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Aug. 23 – China’s Zhuhai Rural Commercial Bank Co., Ltd. priced RMB 500 million of 3½% green bonds due 2026 (Lianhe: BBB-) at par, according to a listing notice and an offering circular on Wednesday.
Bank of China Macau Branch, Huatai International, Luso Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Guotai Junan International and China Citic Bank International are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Proceeds will be used to fund eligible green projects.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Aug. 23.
Based and operating in Zhuhai City of China’s Guangdong Province, the bank is a joint stock limited company engaged in both personal and corporate banking.
| Issuer: | Zhuhai Rural Commercial Bank Co., Ltd.
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| Amount: | RMB 500 million
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| Issue: | Green bonds
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| Maturity: | Aug. 22, 2026
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| Bookrunners: | Bank of China Macau Branch, Huatai International, Luso Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Guotai Junan International and China Citic Bank International
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| Trustee: | Luso International Banking Ltd.
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| Counsel to issuer: | Jun He Law Offices (England), Beijing Deheng Law Offices (China), Rato, Ling, Lei & Cortes – Advogados (Macao)
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| Counsel to underwriters: | Ashurst Hong Kong (England, Hong Kong), Beijing Dacheng Law Offices, LLP (Nanjing) (China), MdME Lawyers (Macao)
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| Coupon: | 3½%
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| Price: | Par
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| Yield: | 3½%
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| Call: | For taxation reasons at par plus interest
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| Pricing date: | Aug. 15
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| Issue date: | Aug. 22
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| Listing date: | Aug. 23
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| Rating: | Lianhe: BBB-
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| Distribution: | Regulation S
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| ISIN: | MO0000000238
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