Published on 11/29/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Jinan Rail unit sells $200 million 6¾% guaranteed green bonds due 2023
By William Gullotti
Buffalo, N.Y., Nov. 29 – Jinan Shuntong International Co., Ltd. priced $200 million of 6¾% guaranteed green bonds due 2023 (//A-) at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the issuer’s indirect parent, Jinan Rail Transit Group Co., Ltd., and may be redeemed early for taxation reasons at par plus interest.
CCB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Everbright Bank, Bank of Communications, CNCB Capital, Luso Bank Ltd., Huatai International, Guolian Securities International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), China Galaxy International, China International Capital Corp., Guotai Junan International, Zhongtai International and Haitong International are the joint lead managers and joint bookrunners for the offering, with CCB also acting as global coordinator and green structuring adviser.
Proceeds will be used for general corporate purposes in accordance with the company’s green finance framework.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Nov. 29.
The issuer was incorporated in Hong Kong on Oct. 6, 2021 and is an indirect, wholly owned subsidiary of the guarantor. The group is a state-owned entity for the construction and operation of rail transit in Junan City, Shandong Province.
| Issuer: | Jinan Shuntong International Co., Ltd.
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| Guarantor: | Jinan Rail Transit Group Co., Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed green bonds
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| Maturity: | Nov. 27, 2023
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| Bookrunners: | CCB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Everbright Bank, Bank of Communications, CNCB Capital, Luso Bank Ltd., Huatai International, Guolian Securities International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), China Galaxy International, China International Capital Corp., Guotai Junan International, Zhongtai International and Haitong International
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| Green structuring adviser: | CCB International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England), AllBright Law Offices (China)
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| Counsel to underwriters: | Freshfields Bruckhaus Deringer (England), Beijing DeHeng Law Offices (China)
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| Coupon: | 6¾%
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| Price: | Par
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| Yield: | 6¾%
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| Call: | For taxation reasons at par plus interest
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| Put options: | At 101 for a change of control; at par for a no registration event
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| Pricing date: | Nov. 21
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| Issue date: | Nov. 28
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| Listing date: | Nov. 29
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| Rating: | Fitch: A-
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| Distribution: | Regulation S
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| ISIN: | XS2525548231
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