New Issue: China’s Huatai Securities’ Pioneer Reward sells $1.3 billion notes in three parts

Chicago, April 12 – Pioneer Reward Ltd. sold $1.3 billion of guaranteed notes (Baa1) in three parts, according to a listing notice.

The notes are guaranteed by Huatai Securities Co., Ltd.

The issuer sold $700 million of 1.3% notes due 2024 at 99.906 on March 30 and then added on an extra $100 million of notes at the same price on March 31. The add-on notes will be consolidated and form a single series with the original issue.

Additionally, Pioneer sold $500 million of 2% guaranteed bonds due 2026 at 99.891, also on March 30.

Bookrunners for the original $700 million of notes and the 2026 notes were Huatai International, ABC International, Bank of China, Standard Chartered Bank, ICBC and China Minsheng Banking Corp., Ltd.

Joint bookrunners and joint lead managers for the same notes were Bank of Communications, CCB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China PA Securities (Hong Kong) Co. Ltd., CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, JPMorgan, BofA Securities, Mizuho Securities and UBS.

Joint global coordinators, joint lead managers and joint bookrunners for the add-on offering were Huatai International, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Standard Chartered Bank.

The notes are Regulation S.

The notes feature a potential early redemption based on a make-whole premium of Treasuries plus 50 basis points.

Proceeds will be used for refinancing and general corporate purposes.

The issuer is a financial services company based in Nanjing, China.

Issuer:	Pioneer Reward Ltd.
Guarantor:	Huatai Securities Co., Ltd.
Issue:	Guaranteed notes
Amount:	$1.3 billion
Trustee:	Citicorp International Ltd.
Counsel to issuer:	Linklaters, Ogier
Counsel to guarantor:	DeHeng Law Offices
Counsel to underwriters:	Latham & Watkins LLP, Global Law Office
Call:	Optional make-whole redemption based on Treasuries plus 50 bps
Settlement date:	April 9
Listing date:	April 12
Rating:	Moody’s: Baa1
Distribution:	Regulation S
2024 notes
Issue:	Guaranteed notes
Amount:	$700 million
Maturity:	April 9, 2024
Bookrunners:	Huatai International, ABC International, Bank of China, Standard Chartered Bank, ICBC, China Minsheng Banking Corp., Ltd., Bank of Communications, CCB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China PA Securities (Hong Kong) Co. Ltd., CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, JPMorgan, BofA Securities, Mizuho Securities and UBS
Coupon:	1.3%
Price:	99.906
Trade date:	March 30
2024 add-on
Issue:	Guaranteed notes
Amount:	$100 million, add-on
Maturity:	April 9, 2024
Bookrunners:	Huatai International, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Standard Chartered Bank
Coupon:	1.3%
Price:	99.906
Trade date:	March 31
2026 notes
Issue:	Guaranteed notes
Amount:	$500 million
Maturity:	April 9, 2026
Bookrunners:	Huatai International, ABC International, Bank of China, Standard Chartered Bank, ICBC, China Minsheng Banking Corp., Ltd., Bank of Communications, CCB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China PA Securities (Hong Kong) Co. Ltd., CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, JPMorgan, BofA Securities, Mizuho Securities and UBS
Coupon:	2%
Price:	99.891
Trade date:	March 30

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