Published on 4/24/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Taixing City Investment sells RMB 645 million 3.6% bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., April 24 – Taixing City Investment Development Group Co., Ltd. sold RMB 645 million 3.6% bonds due 2027 at par, according to a listing notice and an offering circular on Wednesday.
Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, BOSC International, China International Capital Corp., Citic Securities and China Securities International are the joint lead managers and joint bookrunners, with Huatai further serving as sole global coordinator.
Proceeds will be used for project development and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 24.
The issuer is located and operates in Taixing City of China’s Jiangsu Province, involved in construction, real estate development, real estate sales and infrastructure construction.
| Issuer: | Taixing City Investment Development Group Co., Ltd.
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| Amount: | RMB 645 million
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| Issue: | Bonds
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| Maturity: | April 23, 2027
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| Bookrunners: | Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, BOSC International, China International Capital Corp., Citic Securities and China Securities International
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to underwriters: | Herbert Smith Freehills (England), Jincheng Tongda & Neal (China)
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| Coupon: | 3.6%
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| Price: | Par
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| Yield: | 3.6%
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| Call: | For taxation reasons at par
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| Puts: | At 101 upon change of control; at par for a no registration event
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| Pricing date: | April 16
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| Issue date: | April 23
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| Listing date: | April 24
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| Distribution: | Regulation S
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| ISIN: | HK0001007472
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