Published on 3/24/2023 in the Prospect News Emerging Markets Daily.
New Issue: HaiYan Coastline prices RMB 1.22 billion 4.3% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., March 24 – China’s HaiYan Coastline Co., Ltd., a wholly owned subsidiary of Haiyan State-owned Assets Management Co., Ltd., issued RMB 1.22 billion of 4.3% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The bonds are guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a non-registration event occurs.
China International Capital Corp., China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, Essence International, Guolian Securities International, Guotai Junan International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with China International also acting as global coordinator.
Proceeds will be used for project construction and replenishing working capital.
The listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 24.
Located in Jiaxing City of China’s Zhejiang Province, the guarantor is a state-owned entity involved in infrastructure construction, land development and resettlement housing.
Issuer: | HaiYan Coastline Co., Ltd.
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Guarantor: | Haiyan State-owned Assets Management Co., Ltd.
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Issue: | Guaranteed bonds
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Amount: | RMB 1.22 billion
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Maturity: | March 23, 2026
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Bookrunners: | China International Capital Corp., China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, Essence International, Guolian Securities International, Guotai Junan International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch
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Trustee: | China Construction Bank (Asia) Corp., Ltd.
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Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Zhejiang Zicheng Law Firm (China)
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Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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Coupon: | 4.3%
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Price: | Par
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Yield: | 4.3%
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Call option: | For taxation reasons at par plus interest
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Put option: | At 101 plus interest if change of control occurs; at par plus interest if non-registration event occurs
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Pricing date: | March 20
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Issue date: | March 23
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Listing date: | March 24
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Distribution: | Regulation S
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