Published on 4/8/2024 in the Prospect News Emerging Markets Daily.
New Issue: China Orient’s Joy Treasure prices $200 million 5˝% three-year notes at 99.347
By Mary-Katherine Stinson
Lexington, Ky., April 8 – China’s Joy Treasure Assets Holdings Inc. priced a $200 million add-on to its 5˝% guaranteed notes due 2027 (BBB/A-) at 99.347, according to a pricing supplement.
The notes were issued under the company’s $1.4 billion medium-term note program and are guaranteed by parent China Orient Asset Management (International) Holding Ltd.
The notes feature a make-whole call at Treasuries plus 25 basis points until three months prior to maturity, followed by a par call.
Standard Chartered Bank, Bank of Communications Co. Ltd., Hong Kong Branch, China Construction Bank (Asia) Corp. Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan Securities (Hong Kong) Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd. and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the syndicated offering.
Proceeds will be used to repay existing offshore debt.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective April 8.
China Orient Asset Management is a Beijing-based financial services firm.
| Issuer: | Joy Treasure Asset Holdings Inc.
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| Guarantor: | China Orient Asset Management (International) Holding Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed notes, series 001, tranche 002
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| Maturity: | Feb. 1, 2027
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| Bookrunners: | Standard Chartered Bank, Bank of Communications Co. Ltd., Hong Kong Branch, China Construction Bank (Asia) Corp. Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan Securities (Hong Kong) Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd. and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Linklaters (Hong Kong), Jingtian & Gongcheng (China), Walkers (Hong Kong) (BVI)
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| Counsel to underwriters: | Davis Polk & Wardwell (Hong Kong), JunHe LLP (China)
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| Coupon: | 5˝%
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| Price: | 99.347
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| Call options: | Make-whole call at Treasuries plus 25 bps until Nov. 1, 2026, par call thereafter; for taxation reasons, at any time, at par
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| Change of control: | At 101
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| Pricing date: | March 26
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| Issue date: | April 5
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| Listing date: | April 8
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| Ratings (expected): | S&P: BBB
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| Fitch: A-
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| Distribution: | Regulation S
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| ISIN: | XS2757520452
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| Total issue: | $750 million, including $550 million issued on Feb. 1
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