Published on 7/9/2021 in the Prospect News Emerging Markets Daily.
New Issue: Wuhan Urban issues $500 million 2¼% bonds due 2024
By William Gullotti
Buffalo, N.Y., July 9 – China’s Wuhan Urban Construction Group Co., Ltd. priced $500 million of 2¼% bonds (Baa2//BBB+) due 2024, according to a listing notice filed on Friday.
The global coordinator is Bank of China.
Serving as joint bookrunners and joint lead managers are Bank of China, CEB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB International, ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch.
The listing for the Regulation S notes is expected to be effective July 12.
According to Moody’s Investors Service, the company plans to use the proceeds to refinance offshore debt.
The company offers housing renovation, housing loans, real estate brokerage, property management, and other services.
| Issuer: | Wuhan Urban Construction Group Co., Ltd.
|
| Issue: | Bonds
|
| Amount: | $500 million
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| Maturity: | 2024
|
| Bookrunners: | Bank of China, CEB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB International, ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
|
| Coupon: | 2¼%
|
| Issue date: | June 29
|
| Listing date: | July 12
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
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