Published on 9/23/2022 in the Prospect News Emerging Markets Daily.
New Issue: Jinan Economic prices €48 million 4% credit-enhanced bonds due 2025
By Marisa Wong
Los Angeles, Sept. 23 – Jinan Economic Development Investment Co., Ltd. priced €48 million of 4% credit-enhanced bonds due 2025 with the benefit of a standby letter of credit issued by Bank of Qingdao Co., Ltd. Jinan Branch, according to an offering circular.
The bonds priced at par.
The joint bookrunners and joint lead managers are Huatai International, China Galaxy International, Shenwan Hongyuan (HK), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Orient Securities (Hong Kong) and CMB International. Huatai, China Galaxy and Shenwan Hongyuan are also joint global coordinators.
Proceeds will be used for financing construction projects and replenishing working capital.
The issuer is a state-owned enterprise beneficially controlled by Jiyang District Government of Jinan, Shandong Province. The company’s focus is to implement government plans to promote local urbanization and infrastructure development.
| Issuer: | Jinan Economic Development Investment Co., Ltd.
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| LoC issuer: | Bank of Qingdao Co., Ltd. Jinan Branch
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| Amount: | €48 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Aug. 22, 2025
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| Bookrunners: | Huatai International, China Galaxy International, Shenwan Hongyuan (HK), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Orient Securities (Hong Kong) and CMB International
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Jingtian & Gongcheng LLP (England); Shandong Jointide (Jinan) Law Firm (China)
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| Counsel to underwriters: | Mayer Brown (England); Beijing Dentons Law Offices, LLP (Jinan) (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call option: | In whole at par for tax reasons
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| Mandatory call: | At par upon pre-funding failure
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| Put option: | At par upon change of control or no-registration event
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| Pricing date: | Sept. 15
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| Issue date: | Sept. 22
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| Listing: | Hong Kong
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| ISIN: | XS2479858677
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