Published on 12/14/2023 in the Prospect News Emerging Markets Daily.
New Issue: Linyi City’s Yi Bright unit sells RMB 500 million 3¾% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Dec. 14 – China’s Yi Bright International Ltd., a wholly owned subsidiary of Linyi City Construction Investment Group Co., Ltd., priced RMB 500 million of 3¾% credit-enhanced guaranteed bonds due 2026 at par, according to a listing notice with an appended offering circular on Thursday.
The parent company will guarantee the Regulation S bonds, which also come with the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Linyi Branch.
China Industrial Securities International, CNCB Capital, China International Capital Corp., Guotai Junan International, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, CEB International, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, GF Securities, CMB Wing Lung Bank Ltd., Regent Securities, Sigma Capital, Citic Securities, Haitong International, Huatai International and ABC International are the joint lead managers and joint bookrunners, with China Industrial Securities, CNCB, China International Capital, Guotai Junan and Orient also acting as joint global coordinators.
Proceeds will be used to for project development.
The listing is expected on the Hong Kong Exchange effective Dec. 14.
The engineering and construction services company is based in Linyi, China.
| Issuer: | Yi Bright International Ltd.
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| Guarantor: | Linyi City Construction Investment Group Co., Ltd.
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| LoC issuer: | Postal Savings Bank of China Co., Ltd., Linyi Branch
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| Amount: | RMB 500 million
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| Issue: | Credit-enhanced guaranteed bonds
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| Maturity: | Dec. 13, 2026
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| Bookrunners: | China Industrial Securities International, CNCB Capital, China International Capital Corp., Guotai Junan International, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, CEB International, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, GF Securities, CMB Wing Lung Bank Ltd., Regent Securities, Sigma Capital, Citic Securities, Haitong International, Huatai International and ABC International
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| Trustee: | Bank of New York Mellon, Hong Kong Branch
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| Counsel to issuer: | Morgan, Lewis & Bockius (England), Beijing DHH (Shanghai) Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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| Coupon: | 3¾%
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| Price: | Par
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| Yield: | 3¾%
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| Call: | Non-callable
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| Change of control: | At par
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| Pricing date: | Dec. 6
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| Issue date: | Dec. 13
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| Listing date: | Dec. 14
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| Distribution: | Regulation S
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| ISIN: | HK0000963543
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