Published on 11/3/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: China’s Hainan Province prices RMB 5 billion of bonds in tranches due 2024, 2025, 2027
By William Gullotti
Buffalo, N.Y., Nov. 3 – The People’s Government of Hainan Province of the People’s Republic of China priced RMB 5 billion of notes at par in a three-part offering, according to a listing notice with an appended offering circular on Thursday.
The 2024-maturing tranche totals RMB 1.2 billion and has a 2.42% interest rate.
The second tranche is RMB 2.6 billion of 2.65% bonds maturing in 2025.
The final tranche, maturing in 2027, is RMB 1.2 billion of 2.85% bonds.
Bank of China, China International Capital Corp., Bank of Communications, ICBC International, China Construction Bank, Standard Chartered Bank, Credit Agricole CIB, CMB Wing Lung Bank Ltd., HSBC, Shanghai Pudong Development Bank Hong Kong Branch, Agricultural Bank of China Ltd., Hong Kong Branch, Deutsche Bank, CEB International, Mizuho, Citic Securities, Guotai Junan International and China Minsheng Banking Corp., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering.
Bank of China, China International Capital and Bank of Communications are also serving as joint global coordinators with Bank of China as the lead.
The joint sustainability structuring advisers are Bank of China and China International Capital.
Proceeds from the three-part offering will be used to finance projects that are classified as green eligible categories and social eligible categories under the province’s green, social, blue and sustainability bonds framework.
Listings for the bonds are expected on the Hong Kong Exchange effective Nov. 3.
| Issuer: | Hainan Province
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| Amount: | RMB 5 billion
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| Issue: | Bonds
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| Bookrunners: | Bank of China, China International Capital Corp., Bank of Communications, ICBC International, China Construction Bank, Standard Chartered Bank, Credit Agricole CIB, CMB Wing Lung Bank Ltd., HSBC, Shanghai Pudong Development Bank Hong Kong Branch, Agricultural Bank of China Ltd., Hong Kong Branch, Deutsche Bank, CEB International, Mizuho, Citic Securities, Guotai Junan International and China Minsheng Banking Corp., Ltd., Hong Kong Branch
|
| Sustainability structuring advisers: | Bank of China, China International Capital Corp.
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| Trustee: | Bank of Communications Co., Ltd. Hong Kong Branch as fiscal agent
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| Counsel to issuer: | Linklaters (International, Hong Kong), JunHe LLP (China)
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| Counsel to underwriters: | Allen & Overy (International, Hong Kong), Fangda Partners (China)
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| Pricing date: | Oct. 26
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| Issue date: | Nov. 2
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| Listing date: | Nov. 3
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| Distribution: | Regulation S
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| 2024 bonds
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| Amount: | RMB 1.2 billion
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| Maturity: | Nov. 2, 2024
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| Coupon: | 2.42%
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| Price: | Par
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| Yield: | 2.42%
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| ISIN: | HK0000877461
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| 2025 bonds
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| Amount: | RMB 2.6 billion
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| Maturity: | Nov. 2, 2025
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| Coupon: | 2.65%
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| Price: | Par
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| Yield: | 2.65%
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| ISIN: | HK0000877479
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| 2027 bonds
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| Amount: | RMB 1.2 billion
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| Maturity: | Nov. 2, 2027
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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: | HK0000877487
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