Published on 7/11/2023 in the Prospect News Emerging Markets Daily.
New Issue: Hubei New Tongdu issues $209 million 7½% guaranteed bonds due 2026
Chicago, July 11 – China’s Hubei New Tongdu Urban Investment Development Group Co., Ltd. issued $209 million of 7½% guaranteed bonds due 2026, according to an offering document.
The bonds are guaranteed by Hubei Guanggudong State-owned Capital Investment and Operation Group Co., Ltd.
The bonds priced at par and they were unrated.
The joint global coordinators, joint lead managers and joint bookrunners were Soochow Securities (Hong Kong), ICBC International, TF International and Wilson Securities.
The joint lead managers and joint bookrunners were AMC Wanhai Securities Ltd., CCB International, China Enterprise Securities Co., Ltd., China Galaxy International, China Industrial Securities International, CMB Wing Lung Bank Ltd., Donghai International, Essence International, Fosun International Securities, Shenwan Hongyuan (H.K.), Sinolink Securities (HK) and Zhongtai International.
The bonds will be listed in Hong Kong.
Proceeds will be used for the development construction of Daye City Lingxiang Town Maopu comprehensive construction project and the replenishing of working capital of the issuer.
The issuer is a primary infrastructure entity in the Daye City, Huangshi City, Hubei Province. The issuer is directly and wholly owned by the guarantor and is ultimately owned by Daye SASAB.
Issuer: | Hubei New Tongdu Urban Investment Development Group Co., Ltd.
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Guarantor: | Hubei Guanggudong State-owned Capital Investment and Operation Group Co., Ltd.
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Amount: | $209 million
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Issue: | Guaranteed bonds
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Maturity: | July 10, 2026
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Bookrunners: | Soochow Securities (Hong Kong), ICBC International, TF International, Wilson Securities, AMC Wanhai Securities Ltd., CCB International, China Enterprise Securities Co., Ltd., China Galaxy International, China Industrial Securities International, CMB Wing Lung Bank Ltd., Donghai International, Essence International, Fosun International Securities, Shenwan Hongyuan (H.K.), Sinolink Securities (HK) and Zhongtai International
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Trustee: | Bank of New York Mellon, London Branch
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Counsel to guarantor: | Gallant (with Meritas Member firm) and Zhejiang Wangzhou Law Firm
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Counsel to underwriters: | Jun He Law Offices, Shanghai Dao Peng Law Firm
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Coupon: | 7½%
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Price: | Par
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Yield: | 7½%
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Change of control: | At 101
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Trade date: | July 3
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Settlement date: | July 10
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Distribution: | Regulation S
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ISIN: | XS2599145401
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