Published on 3/24/2023 in the Prospect News Emerging Markets Daily.
New Issue: Yuexiu REIT unit issues RMB 1.5 billion 4.15% guaranteed notes due 2026 at par
By William Gullotti
Buffalo, N.Y., March 24 – Yuexiu REIT Asset Management Ltd. (in its capacity as manager of Yuexiu Real Estate Investment Trust) announced the completion of a RMB 1.5 billion issuance of 4.15% guaranteed notes due 2026 on Friday.
The notes were issued at par by Moon King Ltd., doing business in Hong Kong under the name Yuexiu REIT Moon King Ltd., which is a wholly owned subsidiary of HSBC Institutional Trust Services (Asia) Ltd. (in its capacity as the trustee of, and with recourse limited to the assets of, Yuexiu REIT) incorporated in the British Virgin Islands.
China Securities (International) Corporate Finance Co., Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., DBS Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications Co., Ltd., Hong Kong Branch and CLSA Ltd. were the joint lead managers.
After settlement, the reported gearing ratio of Yuexiu REIT will be approximately 47%.
Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective March 27. According to the announcement, further details will be published when the listing takes effect.
Yuexiu is a real estate investment trust based in Hong Kong.
Issuer: | Moon King Ltd., d/b/a Yuexiu REIT Moon King Ltd. (Hong Kong)
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Guarantor: | HSBC Institutional Trust Services (Asia) Ltd.
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Amount: | RMB 1.5 billion
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Issue: | Guaranteed notes
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Maturity: | 2026
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Bookrunners: | China Securities (International) Corporate Finance Co., Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., DBS Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications Co., Ltd., Hong Kong Branch and CLSA Ltd.
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Coupon: | 4.15%
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Price: | Par
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Yield: | 4.15%
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Change-of-control: | At 101 plus interest
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Pricing date: | March 17
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Issue date: | March 24
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Listing date: | March 27
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Distribution: | Regulation S
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