Published on 3/21/2023 in the Prospect News Emerging Markets Daily.
New Issue: Guiyang County Rongcheng issues RMB 278 million 4½% credit enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., March 21 – China’s Guiyang County Rongcheng Holding Group Co., Ltd. issued RMB 278 million of 4½% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Changsha Co., Ltd.
TF International, JA Securities, China Galaxy International, Industrial Bank Co., Ltd., Hong Kong Branch, Dongxing Securities (Hong Kong), Eddid Financial, Huafu International, Shenwan Hongyuan (H.K.), Excellent Tide Securities and ABC International are the joint lead managers and joint bookrunners for the offering, with TF, JA and China Galaxy also acting as joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 21.
The issuer is based in China’s Guiyang County and involved in infrastructure construction, trading, service and other businesses.
| Issuer: | Guiyang County Rongcheng Holding Group Co., Ltd.
|
| LoC issuer: | Bank of Changsha Co., Ltd.
|
| Amount: | RMB 278 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | March 20, 2026
|
| Bookrunners: | TF International, JA Securities, China Galaxy International, Industrial Bank Co., Ltd., Hong Kong Branch, Dongxing Securities (Hong Kong), Eddid Financial, Huafu International, Shenwan Hongyuan (H.K.), Excellent Tide Securities and ABC International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Eric Chow & Co. in Association with Commerce & Finance Law Offices (England, Hong Kong), Commerce & Finance Law Offices, Shanghai Office (China)
|
| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Shanghai YingDong Law firm (China)
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Call: | For taxation reasons at par plus interest
|
| Change-of-control put: | At par plus interest
|
| Pricing date: | March 15
|
| Issue date: | March 20
|
| Listing date: | March 21
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
