Published on 6/2/2023 in the Prospect News Emerging Markets Daily.
New Issue: Xinyun International sells RMB 560 million 4˝% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., June 2 – Xinyun International Co., Ltd. priced RMB 560 million 4˝% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The bonds are guaranteed by parent company Changzhou Xinyun Urban Development Group Co., Ltd.
Fosun International Securities, Donghai International, Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, Luso Bank Ltd., Orient Securities (Hong Kong) and China Citic Bank International are the joint lead managers and joint bookrunners for the offering, with Fosun and Donghai also acting as joint global coordinators.
Proceeds will be used for project construction and replenishment of the group’s working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective June 2.
The group is a leading investment, financing and operating platform for urban and industrial development in Changzhou, Jiangsu Province.
| Issuer: | Xinyun International Co., Ltd.
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| Guarantor: | Changzhou Xinyun Urban Development Group Co., Ltd.
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| Amount: | RMB 560 million
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| Issue: | Guaranteed bonds
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| Maturity: | June 1, 2026
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| Bookrunners: | Fosun International Securities, Donghai International, Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, Luso Bank Ltd., Orient Securities (Hong Kong) and China Citic Bank International
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| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to underwriters: | Fangda Partners (England, Hong Kong), Zhonglun W&D Law Firm (China), Ogier (BVI)
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| Coupon: | 4˝%
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| Price: | Par
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| Yield: | 4˝%
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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: | May 25
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| Issue date: | June 1
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| Listing date: | June 2
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| Distribution: | Regulation S
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