Published on 6/20/2023 in the Prospect News Emerging Markets Daily.
New Issue: Huzhou Wuxing Traffic prices RMB 287 million 3.8% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., June 20 – China’s Huzhou Wuxing Traffic and Tourism Investment Development Group Co., Ltd. priced RMB 287 million 3.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Hangzhou Branch.
Zhongtai International, Luso Bank Ltd., Dingxin (Securities) Ltd., Huatai International, Ruibang Securities and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Zhongtai also acting as global coordinator.
Proceeds will be used for business development and replenishing working capital.
Listing for the is expected on the Chongwa (Macao) Exchange effective June 19.
Based in Huzhou City of China’s Zhejiang Province, the issuer is involved in construction projects related to transportation and tourism.
| Issuer: | Huzhou Wuxing Traffic and Tourism Investment Development Group Co., Ltd.
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| LoC issuer: | Bank of Beijing Co., Ltd., Hangzhou Branch
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| Amount: | RMB 287 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 16, 2026
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| Bookrunners: | Zhongtai International, Luso Bank Ltd., Dingxin (Securities) Ltd., Huatai International, Ruibang Securities and Industrial Bank Co., Ltd., Hong Kong Branch
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Linklaters (England), Global Law Office (China)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Hiways Law Firm (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | June 9
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| Issue date: | June 16
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| Listing date: | June 19
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| Distribution: | Regulation S
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