New Issue: Huatai’s Pioneer Reward prices $800 million guaranteed floaters due 2026 at par

By William Gullotti

Buffalo, N.Y., Nov. 30 – Huatai Securities Co., Ltd.’s subsidiary, Pioneer Reward Ltd., sold $800 million of floating-rate guaranteed notes due 2026 (BBB+) at par, according to a listing notice with an appended pricing supplement on Thursday.

The notes are issued by the subsidiary and guaranteed by the parent under the company’s $3 billion guaranteed medium-term note program.

The interest rate will be compounded SOFR plus 90 basis points.

Huatai Financial Holdings (Hong Kong) Ltd., ABCI Capital Ltd., Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, CMB International Capital Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Industrial and Commercial Bank of China Ltd., Singapore Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Construction Bank (Asia) Corp., Ltd., CMB Wing Lung Bank Ltd., CMBC Securities Co., Ltd., CNCB (Hong Kong) Capital Ltd., ICBC International Securities Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Standard Chartered Bank and HSBC Ltd. are the joint lead managers and joint bookrunners for the syndicated offering, with Huatai, ACBI, Agricultural Bank, Bank of China, Bank of Communications CMB, Hua Xia, Industrial and Commercial Bank branches and Industrial Bank also acting as joint global coordinators.

Proceeds will be used to repay offshore debt.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Nov. 30.

Pioneer Reward is a special-purpose entity, indirectly and wholly owned by Huatai, for issuances. The guarantor is a financial services company based in Nanjing, China.

Issuer:	Pioneer Reward Ltd.
Guarantor:	Huatai Securities Co., Ltd.
Amount:	$800 million
Issue:	Floating-rate guaranteed notes
Maturity:	Nov. 29, 2026
Bookrunners:	Huatai Financial Holdings (Hong Kong) Ltd., ABCI Capital Ltd., Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, CMB International Capital Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Industrial and Commercial Bank of China Ltd., Singapore Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Construction Bank (Asia) Corp., Ltd., CMB Wing Lung Bank Ltd., CMBC Securities Co., Ltd., CNCB (Hong Kong) Capital Ltd., ICBC International Securities Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Standard Chartered Bank and HSBC Ltd.
Trustee:	HSBC Ltd.
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), BeiJing DeHeng Law Offices (China), Harney Westwood & Riegels (BVI)
Counsel to underwriters:	Jun He Law Offices (England, Hong Kong), JunHe LLP (China)
Coupon:	SOFR plus 90 bps
Price:	Par
Call:	For taxation reasons at par
Puts:	At par for a change of control or no registration event
Pricing date:	Nov. 21
Issue date:	Nov. 29
Listing date:	Nov. 30
Rating:	S&P: BBB+
Distribution:	Regulation S
ISIN:	XS2725283068

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