Published on 5/11/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Huzhou Wuxing City sells RMB 705 million 4.95% bonds due 2026
By William Gullotti
Buffalo, N.Y., May 11 – Huzhou Wuxing City Investment Development Group Co., Ltd. priced RMB 705 million of 4.95% bonds due 2026 par, according to a listing notice and an offering circular on Thursday.
Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Initial Capital Securities, Shanghai Pudong Development Bank Hong Kong Branch and CNCB Capital are the joint lead managers and joint bookrunners for the offering, with Fosun and Industrial Bank also acting as joint global coordinators.
Caitong Securities is the PRC coordinator.
Proceeds will be used for the construction of onshore projects and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective May 11.
The company is an infrastructure construction and land development company in the Wuxing district of Huzhou, Zhejiang, China.
| Issuer: | Huzhou Wuxing City Investment Development Group Co., Ltd.
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| Amount: | RMB 705 million
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| Issue: | Bonds
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| Maturity: | May 10, 2026
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| Bookrunners: | Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Initial Capital Securities, Shanghai Pudong Development Bank Hong Kong Branch and CNCB Capital
|
| PRC coordinator: | Caitong Securities
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| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Tian Yuan Law Firm LLP (England), Capital Equity Legal Group Huzhou Firm (China)
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.95%
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| Price: | Par
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| Yield: | 4.95%
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| Call option: | At par plus interest for tax reasons
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| Put option: | At 101 plus interest for a change of control
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| Pricing date: | April 28
|
| Issue date: | May 10
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| Listing date: | May 11
|
| Distribution: | Regulation S
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