Published on 3/15/2023 in the Prospect News Emerging Markets Daily.
New Issue: Yancheng Dafeng prices €24 million 4.6% credit enhanced bonds due 2026
By William Gullotti
Buffalo, N.Y., March 15 – China’s Yancheng Dafeng Haicheng Industrial Development Co., Ltd. announced it priced €24 million 4.6% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Yancheng Branch.
SunRiver International Securities, Shanghai Pudong Development Bank Hong Kong Branch, Citic Securities, VMI Securities, Golden Rich Securities, China Galaxy International, Dingxin (Securities) Ltd., CEB International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with SunRiver, Shanghai Pudong, Citic and VMI also acting as joint global coordinators.
Proceeds from the offering will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective March 15.
Based in Yancheng City’s Dafeng District of China’s Jiangsu Province, the issuer is the core operating entity responsible for construction and development of infrastructure projects.
| Issuer: | Yancheng Dafeng Haicheng Industrial Development Co., Ltd.
|
| LoC issuer: | Bank of Jiangsu Co., Ltd., Yancheng Branch
|
| Amount: | €24 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | March 14, 2026
|
| Bookrunners: | SunRiver International Securities, Shanghai Pudong Development Bank Hong Kong Branch, Citic Securities, VMI Securities, Golden Rich Securities, China Galaxy International, Dingxin (Securities) Ltd., CEB International and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), JunZeJun Law Offices (China)
|
| Coupon: | 4.6%
|
| Price: | Par
|
| Yield: | 4.6%
|
| Call: | For taxation reasons at par plus interest
|
| Puts: | At par plus interest for a no-registration event or change of control
|
| Pricing date: | March 8
|
| Issue date: | March 14
|
| Listing date: | March 15
|
| Distribution: | Regulation S
|
| ISIN: | XS2595819074
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
