Published on 11/6/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Shaanxi Tourism prices RMB 358 million 4.8% credit enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., Nov. 6 – Shaanxi Tourism Group Co., Ltd. priced RMB 358 million of 4.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The bonds will be supported by an irrevocable standby letter of credit issued by Bank of East Asia (China) Ltd., Xi’an Branch.
Bank of East Asia, Ltd., China PA Securities (Hong Kong) Co., Ltd., Initial Capital Securities, Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), SMBC Nikko, China Everbright Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Citic Securities and China Minsheng Banking Corp., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with Bank of East Asia, China PA, Initial Capital and Fosun also acting as joint global coordinators.
Proceeds will be used for project development.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Nov. 6.
As a provincial-level, state-owned enterprise operating tourist attractions in China’s Shaanxi Province, the issuer is involved in operating scenic spots, travel agencies, hotel and catering businesses, e-commerce and other related businesses.
| Issuer: | Shaanxi Tourism Group Co., Ltd.
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| LoC issuer: | Bank of East Asia (China) Ltd., Xi’an Branch
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| Amount: | RMB 358 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Nov. 3, 2026
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| Bookrunners: | Bank of East Asia, Ltd., China PA Securities (Hong Kong) Co., Ltd., Initial Capital Securities, Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), SMBC Nikko, China Everbright Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Citic Securities and China Minsheng Banking Corp., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call option: | At par plus interest for taxation reasons
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Oct. 31
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| Issue date: | Nov. 3
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| Listing date: | Nov. 6
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| Distribution: | Regulation S
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| ISIN: | XS2713117534
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