Published on 5/15/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Xiangtan sells RMB 713.3 million 4½% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., May 15 – Xiangtan Urban & Rural Construction Development Group Co., Ltd. priced RMB 713.3 million of 4½% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Changsha Co., Ltd.
China International Capital Corp., ABC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Citic Securities, CNCB Capital and Guotai Junan International are the joint bookrunners and joint lead managers, with China International also acting as global coordinator.
Proceeds will be used to refinance offshore debt.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 15.
The urban infrastructure construction services provider is based in Xiangtan, China.
| Issuer: | Xiangtan Urban & Rural Construction Development Group Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Amount: | RMB 713.3 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 12, 2026
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| Bookrunners: | China International Capital Corp., ABC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Citic Securities, CNCB Capital and Guotai Junan International
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Herbert Smith Freehills (England, Hong Kong), Hunan Kingzone Lawyer Office (China)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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| Call: | For taxation reasons at par
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| Change of control: | At par plus interest
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| Pricing date: | May 9
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| Issue date: | May 12
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| Listing date: | May 15
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| Distribution: | Regulation S
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