New Issue: Hainan Province prices RMB 5 billion of bonds due 2025, 2026, 2028

By William Gullotti

Buffalo, N.Y., Sept. 21 – The People’s Government of Hainan Province of the People’s Republic of China priced RMB 5 billion of bonds at par in a three-part offering, according to a listing notice with an appended offering circular on Thursday.

The 2025-maturing tranche totals RMB 3 billion and has a 2.45% interest rate.

The second tranche is RMB 1 billion of 2.53% bonds maturing in 2026.

The final tranche, maturing in 2028, is RMB 1 billion of 2.7% bonds.

Bank of China, Bank of Communications, China International Capital Corp., ICBC (Asia), Standard Chartered Bank, HSBC, China Construction Bank (Asia), Credit Agricole CIB, JPMorgan, Shanghai Pudong Development Bank Hong Kong Branch, Agricultural Bank of China Ltd., Hong Kong Branch, Deutsche Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Citigroup, CNCB Capital, CMB Wing Lung Bank Ltd., Mizuho, Guotai Junan International, CEB International, Haitong International, Shenwan Hongyuan (H.K.) and China Galaxy International are the joint lead managers and joint bookrunners for the Regulation S offering.

Bank of China, Bank of Communications and China International Capital are also serving as joint global coordinators with Bank of China as the lead.

Bank of China is also acting as green and sustainable structuring adviser.

Proceeds from the 2025-maturing tranche 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. Proceeds from the 2026-maturing tranche will be applied under the same framework, except for projects classified as green eligible, specifically including the biodiversity category. Similarly, the 2028-tranche proceeds will be allocated to blue eligible categories.

Listings for the bonds are expected on the Hong Kong Exchange effective Sept. 21.

Issuer:	Hainan Province
Amount:	RMB 5 billion
Issue:	Bonds
Bookrunners:	Bank of China, Bank of Communications, China International Capital Corp., ICBC (Asia), Standard Chartered Bank, HSBC, China Construction Bank (Asia), Credit Agricole CIB, J.P. Morgan, Shanghai Pudong Development Bank Hong Kong Branch, Agricultural Bank of China Ltd., Hong Kong Branch, Deutsche Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Citigroup, CNCB Capital, CMB Wing Lung Bank Ltd., Mizuho, Guotai Junan International, CEB International, Haitong International, Shenwan Hongyuan (H.K.) and China Galaxy International
Sustainability adviser:	Bank of China
Trustee:	Bank of Communications Co., Ltd. Hong Kong Branch (as fiscal agent, principal paying agent, CMU lodging agent, transfer agent and registrar)
Counsel to issuer:	Linklaters (International, Hong Kong), JunHe LLP (China)
Counsel to underwriters:	Allen & Overy (International, Hong Kong), Fangda Partners (China)
Pricing date:	Sept. 13
Issue date:	Sept. 20
Listing date:	Sept. 21
Distribution:	Regulation S
2025 bonds
Amount:	RMB 3 billion
Maturity:	Sept. 20, 2025
Coupon:	2.45%
Price:	Par
Yield:	2.45%
ISIN:	HK0000946787
2026 bonds
Amount:	RMB 1 billion
Maturity:	Sept. 20, 2026
Coupon:	2.53%
Price:	Par
Yield:	2.53%
ISIN:	HK0000946795
2028 bonds
Amount:	RMB 1 billion
Maturity:	Sept. 20, 2028
Coupon:	2.7%
Price:	Par
Yield:	2.7%
ISIN:	HK0000946803

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