Published on 3/13/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Baoying prices ¥4.5 billion of 1½% credit enhanced bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 13 – Baoying Development Investment Co., Ltd. sold ¥4.5 billion of 1½% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Yangzhou Branch.
Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, SMBC Nikko, CNCB Capital, China Industrial Securities International and Huijin Securities International Ltd. are the joint lead managers and joint bookrunners, with Orient also acting as sole global coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 13.
Located in Baoying County of China’s Jiangsu Province, the issuer is involved in urban infrastructure and land development.
| Issuer: | Baoying Development Investment Co., Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Yangzhou Branch
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| Amount: | ¥4.5 billion
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| Issue: | Credit enhanced bonds
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| Maturity: | March 12, 2027
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| Bookrunners: | Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, SMBC Nikko, CNCB Capital, China Industrial Securities International and Huijin Securities International Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Herbert Smith Freehills (England, Hong Kong), Hylands Law Firm (China)
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| Coupon: | 1½%
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| Price: | Par
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| Yield: | 1½%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest upon change of control or no registration event
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| Pricing date: | March 5
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| Issue date: | March 12
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| Listing date: | March 13
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| Distribution: | Regulation S
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| ISIN: | XS2760523147
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