Published on 8/20/2020 in the Prospect News Emerging Markets Daily.
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.
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Guarantor: | Yunnan Provincial Energy Investment Group Co., Ltd.
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Description: | Bonds and perpetual capital securities
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Amount: | $300 million
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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
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Listing date: | Aug. 21
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Distribution: | Regulation S
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2023 bonds
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Amount: | $150 million
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Maturity: | 2023
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Coupon: | 3½%
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Rating: | Fitch: BBB
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Perpetual capital securities
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Amount: | $150 million
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Maturity: | Perpetual
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Rating: | Fitch: BBB-
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