Published on 11/16/2022 in the Prospect News Emerging Markets Daily.
New Issue: Yiyang Heshan issues RMB 529 million 4.9% credit-enhanced bonds due 2025
Chicago, Nov. 16 – Yiyang Heshan District Development Group Co., Ltd. sold RMB 529 million of 4.9% credit-enhanced bonds due 2025, according to a bank document.
The bonds benefit from an irrevocable standby letter of credit provided by Huarong Xiangjiang Bank Corp. Ltd.
The bonds priced at par.
The placing agents were China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China International Capital Corp., Guotai Junan International, Central Wealth Securities Investment Ltd., CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Sinolink Securities (HK).
Proceeds will be used for project construction and to replenish working capital.
The issuer is a state-owned enterprise in Heshan District, Yiyang, Hunan Province. Businesses primarily include infrastructure construction and property leasing.
| Issuer: | Yiyang Heshan District Development Group Co., Ltd.
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| Amount: | RMB 529 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Nov. 15, 2025
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| Agents: | China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China International Capital Corp., Guotai Junan International, Central Wealth Securities Investment Ltd., CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Sinolink Securities (HK)
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Jun He Law Offices, Beijing Dacheng Law Offices, LLP
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| Counsel to underwriters: | Linklaters, Jingtian & Gongcheng
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| Coupon: | 4.9%
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| Price: | Par
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| Yield: | 4.9%
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| Change of control: | At par
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| Trade date: | Nov. 10
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| Settlement date: | Nov. 15
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| Distribution: | Regulation S
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