Published on 2/17/2022 in the Prospect News Emerging Markets Daily.
New Issue: China Development Bank prices HK$5.3 billion, $550 million notes due 2025, 2027
By William Gullotti
Buffalo, N.Y., Feb. 17 – China Development Bank Hong Kong Branch issued HK$5.3 billion 1.6% notes due 2025 and $550 million 2% notes due 2027 (A1) under its $30 billion debt issuance program established with China Development Bank, according to an offering circular and pricing supplement on Thursday.
The 2025 notes were priced at par, and the 2027 notes were priced at 99.41.
Both series may only be called early for taxation reasons at par plus interest.
Managers of the Regulation S deal were Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China (Hong Kong) Ltd., Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, Bank of Nova Scotia, Hong Kong Branch, BNP Paribas, China Construction Bank (Asia) Corp., Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Commonwealth Bank of Australia, CLSA Ltd., CMB Wing Lung Bank Ltd., Credit Agricole CIB, DBS Bank Ltd., HSBC Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd., Nanyang Commercial Bank, Ltd., Natixis, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, SinoPac Securities (Asia) Ltd. and Standard Chartered Bank.
Listing for both series is expected on the Hong Kong Exchange effective Feb. 17. Additional application will be made in each case for listing on Chongwa (Macao) Financial Asset Exchange Co., Ltd.
Proceeds will be used for working capital and general corporate purposes.
The issuer is a subsidiary of Beijing-based China Development Bank.
| Issuer: | China Development Bank Hong Kong Branch
|
| Managers: | Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China (Hong Kong) Ltd., Bank of China Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, Bank of Nova Scotia, Hong Kong Branch, BNP Paribas, China Construction Bank (Asia) Corp., Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Commonwealth Bank of Australia, CLSA Ltd., CMB Wing Lung Bank Ltd., Credit Agricole CIB, DBS Bank Ltd., HSBC Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities Asia Ltd., Nanyang Commercial Bank, Ltd., Natixis, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, SinoPac Securities (Asia) Ltd. and Standard Chartered Bank
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| Counsel to issuer: | Linklaters (Hong Kong), Legal Dept. of China Development Bank (China)
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| Counsel to dealers: | Clifford Chance (Hong Kong), King & Wood Mallesons (China)
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| Call: | At any time for taxation reasons only at par plus interest
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| Pricing date: | Feb. 9
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| Issue date: | Feb. 16
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| Listing date: | Feb. 17
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| Expected rating: | Moody’s: A1
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| Distribution: | Regulation S
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| 2025 notes
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| Issue: | Notes, series 106
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| Amount: | HK$5.3 billion
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| Maturity: | Feb. 16, 2025
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| Coupon: | 1.6%
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| Price: | Par
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| Yield: | 1.6%
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| ISIN: | HK0000814779
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| 2027 notes
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| Issue: | Notes, series 107
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| Amount: | $550 million
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| Maturity: | Feb. 16, 2027
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| Coupon: | 2%
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| Price: | 99.41
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| ISIN: | XS2444444405
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