Published on 1/13/2023 in the Prospect News Emerging Markets Daily.
New Issue: Shaoxing Shangyu Hangzhou Bay prices RMB 1.43 billion 4.95% notes due 2026 at par
By William Gullotti
Buffalo, N.Y., Jan. 13 – China’s Shaoxing Shangyu Hangzhou Bay Economic Development Zone Holding Group Co., Ltd. priced RMB 1,425,000,000 of 4.95% notes due 2026 at par, according to a listing notice and an offering circular on Friday.
China International Capital Corp., China Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Luso Bank Ltd. are the joint lead managers and joint bookrunners for the offering, with China International and China Securities also acting as joint global coordinators.
Proceeds will be used for project construction and working capital.
Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective Jan. 13.
Located within Shaoxing, China, the government-related entity is involved in land development, urban infrastructure and resettlement housing construction, commodity sales and other property services.
| Issuer: | Shaoxing Shangyu Hangzhou Bay Economic Development Zone Holding Group Co., Ltd.
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| Amount: | RMB 1,425,000,000
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| Issue: | Notes
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| Maturity: | Jan. 12, 2026
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| Bookrunners: | China International Capital Corp., China Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Luso Bank Ltd.
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, registrar and transfer agent)
|
| Counsel to issuer: | Jun He Law Offices (England, Hong Kong), Beijing De Heng Law Office (China)
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| Counsel to underwriters: | Latham & Watkins (England, Hong Kong), Long An Law Firm (China)
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| Coupon: | 4.95%
|
| Price: | Par
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| Yield: | 4.95%
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| Call: | For taxation reasons at par plus interest
|
| Change-of-control put: | At 101 plus interest
|
| Pricing date: | Jan. 9
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| Issue date: | Jan. 12
|
| Listing date: | Jan. 13
|
| Distribution: | Regulation S
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