New Issue: Yuexiu REIT details sale of RMB 1.5 billion 4.15% guaranteed notes due 2026

By William Gullotti

Buffalo, N.Y., March 27 – Yuexiu REIT Asset Management Ltd. (in its capacity as manager of Yuexiu Real Estate Investment Trust) provided details for its RMB 1.5 billion issuance of 4.15% guaranteed notes due 2026 in an offering circular on Monday.

As previously reported, 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.

Proceeds will be used to refinance certain debts of Yuexiu REIT.

As previously reported, the gearing ratio of Yuexiu REIT after settlement will be approximately 47%.

Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective March 27.

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)
Guarantor:	HSBC Institutional Trust Services (Asia) Ltd.
Amount:	RMB 1.5 billion
Issue:	Guaranteed notes
Maturity:	March 24, 2026
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.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Clifford Chance (Hong Kong), Jingtian & Gongcheng (China), Ogier (BVI)
Counsel to underwriters:	Linklaters (Hong Kong), JunHe LLP (China)
Coupon:	4.15%
Price:	Par
Yield:	4.15%
Call:	For taxation reasons at par plus interest
Change-of-control:	At 101 plus interest
Pricing date:	March 17
Issue date:	March 24
Listing date:	March 27
Distribution:	Regulation S

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