New Issue: Yuexiu Property unit prices RMB 700 million more 4% guaranteed notes due 2026 at 99.995

By William Gullotti

Buffalo, N.Y., Jan. 16 – Yuexiu Property Co., Ltd.’s subsidiary Joy Delight International Ltd. priced an additional RMB 700 million of 4% guaranteed notes due 2026 (Baa3) at 99.995, according to a subscription agreement.

As with the initial par-priced issue settled Nov. 15, 2023, the Regulation S notes will be issued by the subsidiary and guaranteed by the parent. The tap offering will be consolidated with the initial issue to form a single series after settlement.

CLSA Ltd., CMB International Capital Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Nanyang Commercial Bank, Ltd., Luso International Banking Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and ABCI Capital Ltd. are the joint lead managers and joint bookrunners for the additional notes.

As with the initial issue, proceeds from the tap offering will be used to refinance offshore debt maturing within one year.

The initial notes were listed on the Chongwa (Macao) Exchange on Nov. 16, 2023.

Yuexiu is a real estate investment trust based in Hong Kong.

Issuer:	Joy Delight International Ltd.
Guarantor:	Yuexiu Property Co., Ltd.
Amount:	RMB 700 million, add-on
Issue:	Guaranteed notes
Maturity:	Nov. 15, 2026
Bookrunners:	CLSA Ltd., CMB International Capital Ltd., Chong Hing Bank Ltd., Yue Xiu Securities Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Nanyang Commercial Bank, Ltd., Luso International Banking Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and ABCI Capital Ltd.
Trustee:	China Citic Bank International Ltd.
Coupon:	4%
Price:	99.995, plus accrued interest from, and including, Nov. 15, 2023 up to, but excluding, the settlement date
Yield:	4%
Call:	For taxation reasons at par plus interest
Change of control:	At 101
Pricing date:	Jan. 12
Issue date:	Jan. 19, but no later than Feb. 2
Rating:	Moody’s: Baa3
Distribution:	Regulation S
ISIN:	HK0000963139
Total issue:	RMB 1.21 billion, including initial RMB 510 million issued Nov. 15, 2023

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