Published on 4/27/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Pingdu prices $200 million 7.7% guaranteed bonds due 2026
By William Gullotti
Buffalo, N.Y., April 27 – Pingdu State-owned Assets Management Co. Ltd. priced $200 million 7.7% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The bonds are guaranteed by Pingdu Construction Investment Development Co., Ltd.
Haitong Bank, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, China Galaxy International, Central Wealth Securities Investment Ltd., Zhongtai International, CMB International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering, with Haitong Bank acting as sole global coordinator.
Proceeds will be used to refinance offshore debt.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 27.
The engineering and construction services company is based in China.
| Issuer: | Pingdu State-owned Assets Management Co. Ltd.
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| Guarantor: | Pingdu Construction Investment Development Co., Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed bonds
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| Maturity: | April 26, 2026
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| Bookrunners: | Haitong Bank, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, China Galaxy International, Central Wealth Securities Investment Ltd., Zhongtai International, CMB International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Morgan, Lewis & Bockius (England, Hong Kong)
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| Counsel to underwriters: | Herbert Smith Freehills (England, Hong Kong), Grandall Law Firm (China)
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| Coupon: | 7.7%
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| Price: | Par
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| Yield: | 7.7%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| No registration event: | At par plus interest
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| Pricing date: | April 21
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| Issue date: | April 26
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| Listing date: | April 27
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| Distribution: | Regulation S
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| ISIN: | XS2614579113
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