Published on 7/20/2022 in the Prospect News Emerging Markets Daily.
New Issue: China Development Bank prices HK$3.5 billion, RMB 2.5 billion notes due 2024, 2027
By William Gullotti
Buffalo, N.Y., July 20 – China Development Bank Hong Kong Branch issued HK$3.5 billion 2.85% notes due 2024 and RMB 2.5 billion 2.95% notes due 2027 under its $30 billion debt issuance program established with China Development Bank, according to an offering circular with appended pricing supplements on Wednesday.
Both series (expected: A+) priced at par and may be redeemed early for taxation reasons at par plus interest.
ABCI Capital Ltd., 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 Citic Bank International Ltd., China Construction Bank (Asia) Corp., Ltd., China International Capital Corp. Hong Kong Securities 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., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Standard Chartered Bank are the managers for the Regulation S offerings.
Listings for both series are expected on the Hong Kong exchange effective July 20.
Proceeds will be used by the branch 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
|
| Issue: | Notes
|
| Managers: | ABCI Capital Ltd., 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 Citic Bank International Ltd., China Construction Bank (Asia) Corp., Ltd., China International Capital Corp. Hong Kong Securities Ltd., CMB Wing Lung Bank Ltd., Crédit 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., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Standard Chartered Bank
|
| Counsel to issuer: | Linklaters (Hong Kong, England), Legal Dept. of China Development Bank (China)
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| Counsel to dealers: | Clifford Chance (Hong Kong, England), King & Wood Mallesons (China)
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| Call: | At any time for taxation reasons at par plus interest
|
| Pricing date: | July 12
|
| Issue date: | July 19
|
| Listing date: | July 20
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| Expected rating: | S&P: A+
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| Distribution: | Regulation S
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|
|
| 2024 notes
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| Issue: | Notes, series 115
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| Amount: | HK$3.5 billion
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| Maturity: | July 19, 2024
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| Coupon: | 2.85%
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| Price: | Par
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| Yield: | 2.85%
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| ISIN: | HK0000860426
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|
|
| 2027 notes
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| Issue: | Notes, series 114
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| Amount: | RMB 2.5 billion
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| Maturity: | July 19, 2027
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| Coupon: | 2.95%
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| Price: | Par
|
| Yield: | 2.95%
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| ISIN: | HK0000860434
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