Published on 3/28/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Shandong Zhenfang sells RMB 286 million of 7½% bonds due 2026
By William Gullotti
Buffalo, N.Y., March 28 – Shandong Zhengfang Holding Group Co., Ltd. (Chengxin: BBBg) sold RMB 286 million of 7½% bonds due Sept. 27, 2026 at par, according to a listing notice and an offering circular on Thursday.
Haitong International, ChaoShang Securities Ltd., Interarch Asset Management Ltd., TF International, Shanggu Asset Management (Asia) Ltd., Orient Securities Ltd., Guolian Securities International, FTFT International, First Fidelity Capital, Antai Securities Ltd., Tung Yat Securities Ltd. and JQ Securities are the joint lead managers and joint bookrunners, with Haitong, ChaoShang, Interarch and TF also serving as joint global coordinators.
Proceeds will be used for project development.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 28.
Owned, located and operating in Zoucheng City of China’s Shandong Province, the issuer is the government’s only investment and financing platform in the Zoucheng Economic Development Zone.
Issuer: | Shandong Zhengfang Holding Group Co., Ltd.
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Amount: | RMB 286 million
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Issue: | Bonds
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Maturity: | Sept. 27, 2026
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Bookrunners: | Haitong International, ChaoShang Securities Ltd., Interarch Asset Management Ltd., TF International, Shanggu Asset Management (Asia) Ltd., Orient Securities Ltd., Guolian Securities International, FTFT International, First Fidelity Capital, Antai Securities Ltd., Tung Yat Securities Ltd. and JQ Securities
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Trustee: | China Citic Bank International Ltd.
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Counsel to underwriters: | Morgan, Lewis & Bockius (England, Hong Kong), Yinghe LLP Beijing (China)
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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Call: | For taxation reasons at par
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Puts: | At 101 upon change of control; at par for a no registration event
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Trade date: | March 22
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Settlement date: | March 27
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Listing date: | March 28
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Rating (issuer): | Chengxin: BBBg
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Distribution: | Regulation S
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ISIN: | XS2794482278
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