Published on 2/22/2023 in the Prospect News Emerging Markets Daily.
New Issue: Sichuan Gloport prices RMB 345 million 3.8% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Feb. 22 – China’s Sichuan Gloport Investment Development Group Co., Ltd. priced RMB 345 million 3.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Chengdu Branch.
Guosen Securities (HK), BOSC International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Caitong International, CEB International and Orient Securities (Hong Kong) are the joint lead managers and joint bookrunners for the offering, with Guosen and BOSC also acting as joint global coordinators.
Proceeds will be used to refinance the company’s offshore bonds maturing in March 2023.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 22.
Based in Yibin, China, the state-owned company’s operations include equity management, industrial investment, fund operation, land management and other services.
| Issuer: | Sichuan Gloport Investment Development Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Chengdu Branch
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| Amount: | RMB 345 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Feb. 21, 2026
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| Bookrunners: | Guosen Securities (HK), BOSC International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Caitong International, CEB International and Orient Securities (Hong Kong)
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England), Beijing W&H Law Firm (Chengdu) (China)
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| Counsel to underwriters: | Chungs Lawyers (in association with DeHeng Law Offices) (England), Deheng Shanghai Law Office (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | Feb. 14
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| Issue date: | Feb. 21
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| Listing date: | Feb. 22
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| Distribution: | Regulation S
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