Published on 7/8/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s Zhejiang Expressway prices $470 million 1.638% bonds due 2026
By Rebecca Melvin
Concord, N.H., July 8 – China’s Zhejiang Expressway Co. Ltd. priced $470 million of 1.638% bonds due 2026 (expected ratings: /A/A+) at par, according to a market announcement.
Barclays, China International Capital Corp. and Citigroup are joint global coordinators and joint lead managers and bookrunners of the Regulation S D together with Bank of China, BOC International, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp. Ltd. Hong Kong Branch, ICBC International, Industrial Bank Co. Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Standard Chartered Bank as joint lead managers and joint bookrunners.
Proceeds from will be used for debt refinancing and general corporate purposes.
The company will apply to the Hong Kong Stock Exchange for listing.
Zhejiang is an infrastructure company based in Hangzhou, China.
Issuer: | Zhejiang Expressway Co. Ltd.
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Issue: | Bonds
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Amount: | $470 million
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Maturity: | July 14, 2026
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Bookrunners: | Barclays, China International Capital Corp., Citigroup, Bank of China, BOC International, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp. Ltd. Hong Kong Branch, ICBC International, Industrial Bank Co. Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Standard Chartered Bank
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Coupon: | 1.638%
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Price: | Par
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Yield: | 1.638%
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Issue date: | July 14
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Ratings: | S&P: A
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Fitch: A+
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Distribution: | Regulation S
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