Published on 1/4/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Rudong sells $57 million 5.6% credit enhanced bonds due 2027
By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Rudong County Jinxin Transportation Engineering Construction Investment Co., Ltd. sold $57 million of 5.6% credit enhanced bonds due 2027 at par, according to listing documents and an offering circular.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Nantong Branch.
China Zheshang Bank Co., Ltd. (Hong Kong Branch), Citic Securities, CMBC Capital, Guolian Securities International, Haitong International Industrial Bank Co., Ltd. Hong Kong Branch, Soochow Securities (Hong Kong) and SPDB International were the bookrunners.
Proceeds will be used to refinance offshore debt.
The engineering and construction company is based in Nantong, China.
| Issuer: | Rudong County Jinxin Transportation Engineering Construction Investment Co., Ltd.
|
| LoC issuer: | Postal Savings Bank of China Co., Ltd., Nantong Branch
|
| Amount: | $57 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | Jan. 3, 2027
|
| Bookrunners: | Guotai Junan International, Tensant Securities, Bowlea Securities, Citic Securities, CMBC Capital, CNCB Capital, Haitong International, Industrial Bank Co., Ltd. Hong Kong Branch, Soochow Securities (Hong Kong) and SPDB International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Fangda Partners (England)
|
| Counsel to underwriters: | Latham & Watkins LLP (England), JunHe LLP (China)
|
| Coupon: | 5.6%
|
| Price: | Par
|
| Yield: | 5.6%
|
| Call: | For taxation reasons at par
|
| Change-of-control: | At par
|
| Pricing date: | Dec. 28
|
| Issue date: | Jan. 3
|
| Distribution: | Regulation S
|
| ISIN: | XS2740940957
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
