Published on 3/6/2023 in the Prospect News Emerging Markets Daily.
New Issue: Xi’an Aerospace prices RMB 1.1 billion 4.6% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., March 6 – China’s Xi’an Aerospace High-tech Industry Development Group Co., Ltd. priced RMB 1.1 billion of 4.6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The bonds feature the benefit of an irrevocable standby letter of credit from Bank of Xi’an Co., Ltd.
Fosun International Securities, Shanghai Pudong Development Bank Hong Kong Branch, Citic Securities, Initial Capital Securities, Wilson Securities, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Minsheng Banking Corp., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Fosun also acting as global coordinator.
Proceeds will be used to repay existing offshore debt.
The Regulation S bonds are expected to be listed on the Chongwa (Macao) Exchange on March 6.
The company is a state-owned entity focused on property and infrastructure development in the Xi’an National Civil Aerospace Industrial Base.
| Issuer: | Xi’an Aerospace High-tech Industry Development Group Co., Ltd.
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| LoC issuer: | Bank of Xi’an Co., Ltd.
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| Amount: | RMB 1.1 billion
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| Issue: | Credit enhanced bonds
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| Maturity: | March 3, 2026
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| Bookrunners: | Fosun International Securities, Shanghai Pudong Development Bank Hong Kong Branch, Citic Securities, Initial Capital Securities, Wilson Securities, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Minsheng Banking Corp., Ltd., Hong Kong Branch
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.6%
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| Price: | Par
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| Yield: | 4.6%
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| Call option: | For taxation reasons at par
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| Change-of-control put: | At par
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| Pricing date: | Feb. 24
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| Issue date: | March 3
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| Listing date: | March 6
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| Distribution: | Regulation S
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