Published on 12/21/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Jiantou International prices RMB 940 million 5.2% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Dec. 21 – Jiantou International (Hong Kong) Co., Ltd. sold RMB 940 million of 5.2% bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The bonds are supported by a keepwell and liquidity support deed and a deed of equity interest purchase undertaking provided by indirect parent company Jiande State-owned Assets Investment Holding Group Co., Ltd.
China Securities International, China Citic Bank International, China Galaxy International, CMBC Capital, Everbright Securities International, Guosen Securities (HK), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International are the joint lead managers and joint bookrunners for the Regulation S offering, with China Securities further serving as sole global coordinator.
Proceeds will be used to fund project construction and replenish working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 21.
The issuer is based in Hong Kong.
| Issuer: | Jiantou International (Hong Kong) Co., Ltd.
|
| Keepwell: | Jiande State-owned Assets Investment Holding Group Co., Ltd.
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| Amount: | RMB 940 million
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| Issue: | Bonds
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| Maturity: | Dec. 19, 2026
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| Bookrunners: | China Securities International, China Citic Bank International, China Galaxy International, CMBC Capital, Everbright Securities International, Guosen Securities (HK), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Tian Yuan Law Firm LLP (England, Hong Kong), DeHeng Law Offices (China)
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| Coupon: | 5.2%
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| Price: | Par
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| Yield: | 5.2%
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| Call: | For taxation reasons at par
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| Change-of-control: | At 101
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| Pricing date: | Dec. 12
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| Issue date: | Dec. 19
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| Listing date: | Dec. 21
|
| Distribution: | Regulation S
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| ISIN: | HK0000971652
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