Published on 3/12/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Qufu Xingda prices RMB 207 million 4.4% credit enhanced bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 12 – Qufu Xingda Investment Development Co., Ltd. priced RMB 207 million 4.4% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd., Jining Branch.
Guosen Securities (HK), Essence International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), JA Securities, China Industrial Securities International, EG Asset Ltd., Zhongtai International, CEB International and Donghai International are the joint lead managers and joint bookrunners for the offering, with Guosen also serving as sole global coordinator.
Proceeds from the offering will be used for replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 12.
The issuer is an investment and financing entity engaged in urban infrastructure construction and state-owned assets operation in Qufu, Jining, in China’s Shandong Province.
| Issuer: | Qufu Xingda Investment Development Co., Ltd.
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| LoC issuer: | Evergrowing Bank Co., Ltd., Jining Branch
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| Amount: | RMB 207 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 11, 2027
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| Bookrunners: | Guosen Securities (HK), Essence International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), JA Securities, China Industrial Securities International, EG Asset Ltd., Zhongtai International, CEB International and Donghai International
|
| Trustee: | China Citic Bank International Ltd.
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| Counsel to issuer: | Tian Yuan Law Firm LLP (England, Hong Kong), Bei Jing Zhong Wen Law Firm (China)
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Guantao Law Firm (China)
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| Coupon: | 4.4%
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| Price: | Par
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| Yield: | 4.4%
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| Call: | For taxation reasons at par
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| Puts: | At par upon change of control or for a no registration event
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| Pricing date: | March 4
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| Issue date: | March 11
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| Listing date: | March 12
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| Distribution: | Regulation S
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| ISIN: | XS2772625500
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