New Issue: China’s Zhongtai prices $200 million 6.7% guaranteed bonds due 2025

By William Gullotti

Buffalo, N.Y., June 13 – Zhongtai Securities Co., Ltd. (Baa3/BBB-) unit Zhongtai International Finance (BVI) Co. Ltd. priced $200 million of 6.7% bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds are guaranteed by Zhongtai Financial International Ltd. and benefit from a keepwell deed provided by Zhongtai Securities.

Zhongtai International, Bank of China, Huatai International, CMBC Capital, Soochow Securities (Hong Kong), Citic Securities, Bank of Communications, CCB International, CEB International, China Citic Bank International, China Galaxy International, China Industrial Securities International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, Csiam, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, Dongxing Securities (Hong Kong), Flow Capital, GF Securities, Guotai Junan International, Guoyuan Securities (Hong Kong), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Natixis, Orient Securities (Hong Kong), SDG Securities (HK), Shenwan Hongyuan (H.K.), Shun Heng Securities, SMBC Nikko and SPDB International are the joint lead managers and joint bookrunners, with Zhongtai, Bank of China, Huatai, CMBC and Soochow also acting as joint global coordinators.

Proceeds will be used to refinance the principal of medium- and long-term offshore bonds due in August 2023.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective June 13.

Zhongtai Securities provides financial services and is based in Jinan, China.

Issuer:	Zhongtai International Finance (BVI) Co. Ltd.
Guarantor:	Zhongtai Financial International Ltd.
Issue:	Guaranteed bonds
Amount:	$200 million
Maturity:	June 12, 2025
Bookrunners:	Zhongtai International, Bank of China, Huatai International, CMBC Capital, Soochow Securities (Hong Kong), Citic Securities, Bank of Communications, CCB International, CEB International, China Citic Bank International, China Galaxy International, China Industrial Securities International, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, Csiam, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, Dongxing Securities (Hong Kong), Flow Capital, GF Securities, Guotai Junan International, Guoyuan Securities (Hong Kong), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Natixis, Orient Securities (Hong Kong), SDG Securities (HK), Shenwan Hongyuan (H.K.), Shun Heng Securities, SMBC Nikko and SPDB International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), Grandall Law Firm (Jinan) (China), Ogier (BVI)
Counsel to underwriters:	Linklaters (England), Jiayuan Law Offices (China)
Coupon:	6.7%
Price:	Par
Yield:	6.7%
Call option:	For taxation reasons at par plus interest
Put options:	At 101 plus interest for a change of control; at par plus interest for a no-filing event
Pricing date:	June 6
Issue date:	June 12
Listing date:	June 13
Issuer ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	Regulation S
ISIN:	XS2590538380

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