Published on 9/15/2022 in the Prospect News Emerging Markets Daily.
New Issue: China’s Tianjin Binhai unit sells $50 million 7% bonds due 2023 at par
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Tianjin Binhai New Area Construction & Investment Group Co., Ltd. subsidiary Zhaohai Investment (BVI) Ltd. sold $50 million 7% guaranteed bonds due 2023 (Baa2/Lianhe: A-) at par, according to an offering circular.
The joint lead managers for the Regulation S issue are Standard Chartered Bank, Bank of China, Silk Road International, Citic Securities, ABC International, Haitong International, BOSC International, Central China International, (lead global coordinators), Hua Xia Bank Co., Ltd. Hong Kong Branch, Haitong Bank, Essence International, Central Wealth Securities Investment Ltd, CNCB Capital, JA Securities, Shenwan Hongyuan (H.K.), Carlyon Securities and China Citic Bank International.
Proceeds will be used for refinancing offshore bonds due 2022.
The group is a financing platform for major projects for the Tianjin Binhai New Area.
| Issuer: | Zhaohai Investment (BVI) Ltd.
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| Guarantor: | Tianjin Binhai New Area Construction & Investment Group Co., Ltd.
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| Amount: | $50 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 15, 2023
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| Bookrunners: | Standard Chartered Bank, Bank of China, Silk Road International, Citic Securities, ABC International, Haitong International, BOSC International, Central China International, (lead global coordinators), Hua Xia Bank Co., Ltd. Hong Kong Branch, Haitong Bank, Essence International, Central Wealth Securities Investment Ltd, CNCB Capital, JA Securities, Shenwan Hongyuan (H.K.), Carlyon Securities and China Citic Bank International
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Clifford Chance, Grandall Law Firm, Beijing Office, Ogier
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| Counsel to underwriters: | Allen & Overy, DeHeng Law Offices
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Change of control: | At par
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| Trade date: | Sept. 8
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| Settlement date: | Sept. 14
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| Ratings: | Moody’s: Baa2
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| Lianhe: A-
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| Distribution: | Regulation S
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| ISIN: | XS2488481974
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