Published on 4/21/2023 in the Prospect News Emerging Markets Daily.
New Issue: Haitong unit sells RMB 4 billion 3.4% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., April 21 – Haitong International Finance Holdings Ltd. priced RMB 4 billion 3.4% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are guaranteed by parent company Haitong Securities Co., Ltd.
Haitong Bank, Haitong International, BOSC International, Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., ICBC Singapore and Nanyang Commercial Bank are the joint lead managers and joint bookrunners, with Haitong Bank, Haitong International, BOSC, Bank of Communications and Shanghai Pudong also acting as joint global coordinators.
Proceeds will be used to refinance existing debt and to replenish working capital.
Listing is expected on the Chongwa (Macao) Exchange effective April 21.
The financial services company is based in Hong Kong. The issuer is incorporated in the British Virgin Islands.
| Issuer: | Haitong International Finance Holdings Ltd.
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| Guarantor: | Haitong Securities Co., Ltd.
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| Amount: | RMB 4 billion
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| Issue: | Guaranteed bonds
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| Maturity: | April 20, 2026
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| Bookrunners: | Haitong Bank, Haitong International, BOSC International, Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., ICBC Singapore and Nanyang Commercial Bank
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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: | Clifford Chance (England), Allbright Law Offices (China), Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England), Jia Yuan Law Offices (China)
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| Coupon: | 3.4%
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| Price: | Par
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| Yield: | 3.4%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | April 13
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| Issue date: | April 20
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| Listing date: | April 21
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| Distribution: | Regulation S
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