Published on 5/23/2023 in the Prospect News Emerging Markets Daily.
New Issue: Qingtian Transportation sells RMB 483 million 3.7% credit enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., May 23 – China’s Qingtian County Transportation Development Investment Co., Ltd. sold RMB 483 million 3.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Ningbo Co., Ltd., Lishui Branch.
Caitong International, Guotai Junan International, CEB International, China International Capital Corp., China Securities International, Guosen Securities (HK), Haitong International, Shenwan Hongyuan (H.K.), ABC International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International are the joint lead managers and joint bookrunners for the offering.
Caitong and Guotai are also the joint global coordinators, with Guotai further serving as PRC coordinator.
Proceeds from the offering will be used for project funding and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 23.
Based in China’s Qingtian County, the issuer is a core state-owned asset operation and infrastructure construction entity.
Issuer: | Qingtian County Transportation Development Investment Co., Ltd.
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LoC issuer: | Bank of Ningbo Co., Ltd., Lishui Branch
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Amount: | RMB 483 million
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Issue: | Credit enhanced bonds
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Maturity: | May 22, 2026
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Bookrunners: | Caitong International, Guotai Junan International, CEB International, China International Capital Corp., China Securities International, Guosen Securities (HK), Haitong International, Shenwan Hongyuan (H.K.), ABC International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International
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PRC coordinator: | Guotai Junan
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Trustee: | CMB Wing Lung (Trustee) Ltd.
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Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (Hong Kong), Sunhold Law Firm (China)
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Counsel to underwriters: | Jun He Law Offices (Hong Kong), Beijing DeHeng Law Offices (China)
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Coupon: | 3.7%
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Price: | Par
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Yield: | 3.7%
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Call: | For taxation reasons at par plus interest
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Change of control: | At par plus interest
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Pricing date: | May 17
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Issue date: | May 22
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Listing date: | May 23
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Distribution: | Regulation S
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