Published on 11/29/2021 in the Prospect News Emerging Markets Daily.
New Issue: Tianjin Free Trade Zone sells $200 million 3% credit-enhanced notes due 2024
Chicago, Nov. 29 – China’s Tianjin Free Trade Zone Investment Holding Group Co., Ltd. priced a $200 million issue of 3% credit-enhanced notes due 2024, according to an offering circular.
The notes priced at par.
The notes have an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Tianjin Pilot Free Trade Zone Branch.
Silk Road International, Interarch Asset Management Ltd., DBS Bank Ltd. and BOSC International are the joint global coordinators, joint lead managers and joint bookrunners.
The joint lead managers and joint bookrunners for the Regulation S issue are China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch.
Proceeds will be used to refinance the company’s existing offshore debt.
The issuer is a state-owned enterprise that provides regional services to three development zones within the city of Tianjin.
| Issuer: | Tianjin Free Trade Zone Investment Holding Group Co., Ltd.
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| Amount: | $200 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Nov. 24, 2024
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| Bookrunners: | Silk Road International, Interarch Asset Management Ltd., DBS Bank Ltd., BOSC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Chungs Lawyers, Beijing Zhonglun W&D (Tianjin) Law Firm
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| Counsel to bookrunners: | Clifford Chance, Beijing Long An Law Firm
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| Coupon: | 3%
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| Price: | Par
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| Yield: | 3%
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| Trade date: | Nov. 19
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| Settlement date: | Nov. 25
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| Distribution: | Regulation S
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| ISIN: | XS2408450166
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