New Issue: China’s Yunnan Energy to list $150 million 3½% bonds due 2023, $150 million perpetuals

By Wendy Van Sickle

Columbus, Ohio, Aug. 20 – China’s Yunnan Energy Investment Overseas Finance Co., Ltd. issued $150 million of three-year 3½% bonds (//BBB) and $150 million of perpetual capital securities (//BBB-), according to a listing notice with the Stock Exchange of Hong Kong Ltd.

The notes are guaranteed by Yunnan Provincial Energy Investment Group Co., Ltd.

The listing is effective on Friday.

Citigroup, HSBC and BOC International were the joint global coordinators and, with Guotai Junan International, ABC International, Shanghai Pudong Development Bank Hong Kong Branch, Silk Road International, CLSA, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Shenwan Hongyaun HK, the bookrunners.

The issuer is a Kunming-based supplier of steel, iron ore, coal, sand and gravel that also works in transportation, construction, technology and other sectors.

Issuer:	Yunnan Energy Investment Overseas Finance Co., Ltd.
Guarantor:	Yunnan Provincial Energy Investment Group Co., Ltd.
Description:	Bonds and perpetual capital securities
Amount:	$300 million
Bookrunners:	Citigroup, HSBC and BOC International, Guotai Junan International, ABC International, Shanghai Pudong Development Bank Hong Kong Branch, Silk Road International, CLSA, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Shenwan Hongyaun HK
Listing date:	Aug. 21
Distribution:	Regulation S
2023 bonds
Amount:	$150 million
Maturity:	2023
Coupon:	3½%
Rating:	Fitch: BBB
Perpetual capital securities
Amount:	$150 million
Maturity:	Perpetual
Rating:	Fitch: BBB-

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