Published on 2/21/2023 in the Prospect News Emerging Markets Daily.
New Issue: Guiyang County Rongcheng issues RMB 258 million 5% credit enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., Feb. 21 – China’s Guiyang County Rongcheng Holding Group Co., Ltd. issued RMB 258 million of 5% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Hunan Corp., Ltd.
TF International, JA Securities, China Galaxy International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering, with TF, JA and China Galaxy also acting as joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 21.
The issuer is based in China’s Guiyang County and involved in infrastructure construction, trading, service and other businesses.
| Issuer: | Guiyang County Rongcheng Holding Group Co., Ltd.
|
| LoC issuer: | Bank of Hunan Corp., Ltd.
|
| Amount: | RMB 258 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | Feb. 20, 2026
|
| Bookrunners: | TF International, JA Securities, China Galaxy International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Eric Chow & Co. in Association with Commerce & Finance Law Offices (England, Hong Kong), Commerce & Finance Law Offices, Shanghai Office (China)
|
| Counsel to underwriters: | Chungs Lawyers (in association with DeHeng Law Offices) (England, Hong Kong), Shanghai YingDong Law firm (China)
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call: | For taxation reasons at par plus interest
|
| Change-of-control put: | At par plus interest
|
| Pricing date: | Feb. 15
|
| Issue date: | Feb. 20
|
| Listing date: | Feb. 21
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
