Published on 9/29/2020 in the Prospect News Emerging Markets Daily.
New Issue: China’s Power Construction unit prices $300 million 3.45% perpetual securities
By Rebecca Melvin
New York, Sept. 29 – Power Construction Corp. of China subsidiary Dianjian Haiyu Ltd. has issued $300 million of 3.45% perpetual securities, according to a notice of listing on the Stock Exchange of Hong Kong Ltd. on Tuesday.
The perpetual securities are guaranteed by the parent company.
The joint global coordinators were Standard Chartered Bank and Bank of China. They were joined by CMBC Capital, Agricultural Bank of China Ltd., Hong Kong Branch, Bocom International, China International Capital Corp., CMB International, DBS Bank Ltd., GF Securities, ICBC International and Oversea-Chinese Banking Corp. Ltd. as joint bookrunners and joint lead managers.
Listing of the notes is expected to become effective on Wednesday.
The issuer is a Beijing-based contracting, investment and real estate development company.
Issuer: | Diajian Haiyu Ltd.
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Guarantor: | Power Construction Corp. of China
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Amount: | $300 million
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Maturity: | Perpetual
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Description: | Notes
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Bookrunners: | Standard Chartered Bank, Bank of China, CMBC Capital, Agricultural Bank of China Ltd., Hong Kong Branch, Bocom International, China International Capital Corp., CMB International, DBS Bank Ltd., GF Securities, ICBC International and Oversea-Chinese Banking Corp. Ltd.
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Coupon: | 3.45%
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Listing date: | Sept. 30
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