Published on 6/7/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Kunshan Guochuang prices RMB 1 billion 3.55% bonds due 2026
By William Gullotti
Buffalo, N.Y., June 7 – Kunshan Guochuang Investment Group Co., Ltd. priced RMB 1 billion of 3.55% bonds due 2026 (//Chengxin: Ag-) at par, according to a listing notice and an offering circular on Tuesday.
Orient Securities (Hong Kong), Soochow Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, BOSC International, Luso Bank Ltd., Fosun International Securities, CNCB Capital, Citic Securities and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with Orient and Soochow also acting as joint global coordinators.
Proceeds will be used for developing onshore projects and to replenish working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective June 7.
The state-owned entity is responsible for urban infrastructure construction and investment in China’s Kunshan City.
| Issuer: | Kunshan Guochuang Investment Group Co., Ltd.
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| Amount: | RMB 1 billion
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| Issue: | Bonds
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| Maturity: | June 6, 2026
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| Bookrunners: | Orient Securities (Hong Kong), Soochow Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, BOSC International, Luso Bank Ltd., Fosun International Securities, CNCB Capital, Citic Securities and Zhongtai International
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to underwriters: | Herbert Smith Freehills (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 3.55%
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| Price: | Par
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| Yield: | 3.55%
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| Call option: | For taxation reasons at par plus interest
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| Change-of-control put: | At 101 plus interest
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| Pricing date: | June 1
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| Issue date: | June 6
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| Listing date: | June 7
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| Rating: | Chengxin: Ag-
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| Distribution: | Regulation S
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