Published on 12/16/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s CEBI Splendid issues $300 million 2% guaranteed bonds due 2024 at 99.336
By William Gullotti
Buffalo, N.Y., Dec. 16 – CEBI Splendid Ltd., a wholly owned subsidiary of CEB International Investment Corp. Ltd., issued $300 million of 2% guaranteed bonds due 2024 (//BBB), according to a listing notice with an appended offering circular on Thursday.
The bonds, priced at 99.336, are guaranteed by the parent company and can only be redeemed early for taxation reasons at par plus interest.
CEB International, Standard Chartered Bank, Bank of Communications, China Construction Bank (Asia), CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are ABC International, ANZ, Bank of China, Bocom International, CCB International, China Citic Bank International, China Industrial Securities International, China International Capital Corp., China Merchants Securities (HK), China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, CLSA, CMBC Capital, CNCB Capital, Everbright Securities International, Guosen Securities (HK), Haitong International, Huatai International, ICBC (Asia), Nanyang Commercial Bank, Natixis, Shenwan Hongyuan (H.K.), Silk Road International, SMBC Nikko, Soochow Securities (Hong Kong), SPDB International, Tensant Securities, Bank of East Asia, Ltd. and Zhongtai International.
Proceeds will be used for replacement of maturing offshore loans.
The listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 16.
The issuer is the holding company for China Everbright Bank Co. Ltd.'s offshore investment-banking business.
| Issuer: | CEBI Splendid Ltd.
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| Guarantor: | CEB International Investment Corp. Ltd.
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| Amount: | $300 million
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| Issue: | Guaranteed bonds
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| Maturity: | Dec. 15, 2024
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| Bookrunners: | CEB International, Standard Chartered Bank, Bank of Communications, China Construction Bank (Asia), CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, ABC International, ANZ, Bank of China, Bocom International, CCB International, China Citic Bank International, China Industrial Securities International, China International Capital Corp., China Merchants Securities (HK), China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, CLSA, CMBC Capital, CNCB Capital, Everbright Securities International, Guosen Securities (HK), Haitong International, Huatai International, ICBC (Asia), Nanyang Commercial Bank, Natixis, Shenwan Hongyuan (H.K.), Silk Road International, SMBC Nikko, Soochow Securities (Hong Kong), SPDB International, Tensant Securities, Bank of East Asia, Ltd. and Zhongtai International
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| Counsel to issuer: | Clifford Chance (English), JunHe LLP (China)
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| Counsel to bookrunners: | Linklaters (English), DeHeng Law Offices (China)
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| Coupon: | 2%
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| Price: | 99.336
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | Dec. 8
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| Issue date: | Dec. 15
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| Listing date: | Dec. 16
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2418777285
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