Published on 1/22/2024 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Dujiangyan Urban and Rural prices RMB 460 million 4.7% bonds due 2027
By William Gullotti
Buffalo, N.Y., Jan. 22 – China’s Dujiangyan Urban and Rural Construction Group Co., Ltd. priced RMB 460 million of 4.7% credit enhanced bonds due 2027 at par, according to a listing notice with an appended offering circular on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Chengdu Rural Commercial Bank Co., Ltd.
China International Capital Corp., Hung Sing Securities Ltd., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, China Galaxy International, CNI Securities Group Ltd., GF Securities, China Citic Bank International, SunRiver International Securities Group Ltd., Shenwan Hongyuan (H.K.), Sigma Capital, Bocom International, ChangJiang Securities (HK), Donghai International, Dongxing Securities (Hong Kong), SPDB International, JA Securities, Zheshang International, CCB International, Huatai International and CNCB Capital are the joint lead managers and joint bookrunners, with China International and Hung Sing also acting as joint global coordinators.
Hung Sing is further serving as green structuring advisor.
Proceeds will be used for project development and to replenish working capital, in accordance with the company’s green finance framework.
Listing for the bonds is expected on the Hong Kong Exchange effective Jan. 22.
The issuer is the main entity responsible for the construction of major urban infrastructure projects in China’s Dujiangyan City.
| Issuer: | Dujiangyan Urban and Rural Construction Group Co., Ltd.
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| LoC issuer: | Chengdu Rural Commercial Bank Co., Ltd.
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| Amount: | RMB 460 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Jan. 19, 2027
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| Bookrunners: | China International Capital Corp., Hung Sing Securities Ltd., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, China Galaxy International, CNI Securities Group Ltd., GF Securities, China Citic Bank International, SunRiver International Securities Group Ltd., Shenwan Hongyuan (H.K.), Sigma Capital, Bocom International, ChangJiang Securities (HK), Donghai International, Dongxing Securities (Hong Kong), SPDB International, JA Securities, Zheshang International, CCB International, Huatai International and CNCB Capital
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| Green structuring advisor: | Hung Sing Securities Ltd.
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| Trustee: | Bank of New York Mellon, Hong Kong Branch
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| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Long An Law Firm (China)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Tahota Law Firm (China)
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| Coupon: | 4.7%
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| Price: | Par
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| Yield: | 4.7%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Jan. 12
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| Issue date: | Jan. 19
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| Listing date: | Jan. 22
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| Distribution: | Regulation S
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| ISIN: | HK0000979580
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