Published on 4/3/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Ganzhou City Nankang Area prices RMB 430 million 5% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., April 3 – Ganzhou City Nankang Area Development and Investment Group Co., Ltd. priced RMB 430 million 5% bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
China Securities International, China PA Securities (Hong Kong) Co., Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with China Securities and China PA Securities also acting as joint global coordinators.
Proceeds from the offering will be used for project construction and general corporate purposes.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 3.
Located in the Nankang District of China’s Ganzhou City, the company is involved in infrastructure construction, property development, industrial factory operation and other businesses.
| Issuer: | Ganzhou City Nankang Area Development and Investment Group Co., Ltd.
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| Issue: | Bonds
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| Amount: | RMB 430 million
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| Maturity: | March 31, 2026
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| Bookrunners: | China Securities International, China PA Securities (Hong Kong) Co., Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Zhongtai International
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| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Latham & Watkins (England, Hong Kong), JunHe LLP (China)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Commerce & Finance Law Offices (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Change of control: | At 101 plus interest
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| Pricing date: | March 29
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| Issue date: | March 31
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| Listing date: | April 3
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| Distribution: | Regulation S
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