Published on 12/8/2023 in the Prospect News Emerging Markets Daily.
New Issue: Zhejiang Changxing Jingkai sells $28.4 million 6.15% credit-enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., Dec. 8 – Zhejiang Changxing Jingkai Construction & Development Co., Ltd. sold $28.4 million of 6.15% credit-enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Friday.
The bonds include an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Hangzhou Branch.
Dingxin (Securities) Ltd., Haitong International, ABC International, China Galaxy International, Guolian Securities International, Huatai International, Guotai Junan International, Zheshang International, Zhongtai International and China Credit International Securities are the joint lead managers and joint bookrunners for the Regulation S offering, with Dingxin and Haitong also serving as joint global coordinators.
Proceeds will be used to repay existing offshore bonds.
Listing for the bonds is expected on the Hong Kong Exchange effective Dec. 8.
Located and operating in China’s Changxing County, the issuer’s businesses include primary land development, commercial trading and selling commercial/industrial real estate.
| Issuer: | Zhejiang Changxing Jingkai Construction & Development Co., Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Hangzhou Branch
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| Amount: | $28.4 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Dec. 7, 2026
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| Bookrunners: | Dingxin (Securities) Ltd., Haitong International, ABC International, China Galaxy International, Guolian Securities International, Huatai International, Guotai Junan International, Zheshang International, Zhongtai International and China Credit International Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Herbert Smith Freehills (England, Hong Kong), L&H Law Firm (China)
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| Coupon: | 6.15%
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| Price: | Par
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| Yield: | 6.15%
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| Call: | For taxation reasons at par
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| Puts: | At par upon change-of-control or no registration event
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 7
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| Listing date: | Dec. 8
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| Distribution: | Regulation S
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| ISIN: | XS2730503963
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