Published on 1/17/2023 in the Prospect News Emerging Markets Daily.
New Issue: Yuexiu Property unit details RMB 2 billion sale of 4% notes due 2026
By William Gullotti
Buffalo, N.Y., Jan. 17 – Joy Delight International Ltd., an indirect wholly owned subsidiary of Yuexiu Property Co., Ltd., issued RMB 2 billion of 4% guaranteed notes due 2026 at par, according to a listing notice and an offering circular on Thursday.
The Regulation S notes will be issued by the subsidiary and guaranteed by the parent.
Citic Securities, CMB International, Yue Xiu Securities, Chong Hing Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications, ABC International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners, with Citic, CMB, Yue Xiu and Chong Hing also acting as joint global coordinators.
Proceeds will be used to refinance certain offshore medium- to long-term debt maturing January 2023.
Listing for the notes is expective on the Chongwa (Macao) Exchange effective Jan. 17.
Yuexiu is a real estate investment trust based in Hong Kong.
| Issuer: | Joy Delight International Ltd.
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| Guarantor: | Yuexiu Property Co., Ltd.
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| Amount: | RMB 2 billion
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| Issue: | Guaranteed notes
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| Maturity: | Jan. 16, 2026
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| Bookrunners: | Citic Securities, CMB International, Yue Xiu Securities, Chong Hing Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Bank of Communications, ABC International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
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| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | King & Wood Mallesons (China), Conyers Dill & Pearman (British Virgin Islands)
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| Counsel to underwriters: | Linklaters (Hong Kong), JunHe LLP (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call: | For taxation reasons at par
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| Change-of-control put: | At 101
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| Pricing date: | Jan. 9
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| Settlement date: | Jan. 16
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| Listing date: | Jan. 17
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| Distribution: | Regulation S
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