Published on 8/10/2023 in the Prospect News Emerging Markets Daily.
New Issue: Huatai’s Pioneer Reward details $800 million sale of 5¼% notes due 2026 at 99.814
By William Gullotti
Buffalo, N.Y., Aug. 10 – Huatai Securities Co., Ltd.’s subsidiary, Pioneer Reward Ltd., provided additional details for its sale of $800 million of 5¼% guaranteed notes due 2026 (Baa1) at 99.814, according to a listing notice with an appended pricing supplement on Thursday.
The notes are issued by the subsidiary and guaranteed by the parent.
The notes are being issued under the company’s recently launched $3 billion guaranteed medium-term note program.
Huatai International, Bank of China, Bank of Communications, ICBC (Asia), ICBC Singapore, ICBC (Macau), HSBC, Hua Xia Bank Co., Ltd., Hong Kong Branch, ABC International, Bank of China (Hong Kong), Bocom International, CNCB Capital, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMBC Capital, ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International are the joint lead managers and joint bookrunners for the offering, with Huatai, Bank of China, Bank of Communications, HSBC, Hua Xia and ICBC’s Asia, Singapore and Macao also acting as joint global coordinators.
Proceeds will be used to repay offshore debt.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Aug. 10.
Pioneer Reward is a special-purpose entity, indirectly and wholly owned by Huatai, for issuances. The guarantor is a financial services company based in Nanjing, China.
| Issuer: | Pioneer Reward Ltd.
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| Guarantor: | Huatai Securities Co., Ltd.
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| Amount: | $800 million
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| Issue: | Guaranteed notes
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| Maturity: | Aug. 9, 2026
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| Bookrunners: | Huatai International, Bank of China, Bank of Communications, ICBC (Asia), ICBC Singapore, ICBC (Macau), HSBC, Hua Xia Bank Co., Ltd., Hong Kong Branch, ABC International, Bank of China (Hong Kong), Bocom International, CNCB Capital, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMBC Capital, ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International
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| Trustee: | HSBC Ltd.
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| Counsel to issuer: | King & Wood Mallesons (England, Hong Kong), BeiJing DeHeng Law Offices (China), Harney Westwood & Riegels (BVI)
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| Counsel to underwriters: | Jun He Law Offices (England, Hong Kong), JunHe LLP (China)
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| Coupon: | 5¼%
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| Price: | 99.814
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| Call: | For taxation reasons at par
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| Puts: | At par for a change of control or no registration event
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| Pricing date: | Aug. 2
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| Issue date: | Aug. 9
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| Listing date: | Aug. 10
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| Rating: | Moody’s: Baa1
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| Distribution: | Regulation S
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| ISIN: | XS2663498314
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