Published on 12/23/2022 in the Prospect News Emerging Markets Daily.
New Issue: Dongtai Huimin sells RMB 392 million 4.2% credit enhanced bonds due 2025 at par
By William Gullotti
Buffalo, N.Y., Dec. 23 – China’s Dongtai Huimin Urbanization Construction Group Co., Ltd. priced RMB 392 million of 4.2% credit enhanced bonds due 2025 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Nanjing Branch.
Sinolink Securities (HK), Central Wealth Securities Investment Ltd., BOSC International, SunRiver International Securities Group Ltd., China Galaxy International, Citic Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), VMI Securities and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners for the offering. Sinolink, Central Wealth, BOSC and SunRiver are also the joint global coordinators.
Proceeds from the offering will be used for project construction and to supplement operational capital.
Listings for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 23.
The issuer is a major state-owned infrastructure construction and urban development platform in Dongtai City of China’s Jiangsu Province.
| Issuer: | Dongtai Huimin Urbanization Construction Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Nanjing Branch
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| Amount: | RMB 392 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Dec. 22, 2025
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| Bookrunners: | Sinolink Securities (HK), Central Wealth Securities Investment Ltd., BOSC International, SunRiver International Securities Group Ltd., China Galaxy International, Citic Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), VMI Securities and Dingxin (Securities) Ltd.
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Jiangsu Fenglu Law Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England), Shandong Ehen Law Firm (China)
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | Dec. 16
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| Issue date: | Dec. 22
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| Listing date: | Dec. 23
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| Distribution: | Regulation S
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