Published on 2/8/2024 in the Prospect News Emerging Markets Daily.
New Issue: Huaibei Public Utility prices RMB 370 million 3½% credit-enhanced bonds due 2027
By William Gullotti
Buffalo, N.Y., Feb. 8 – China’s Huaibei Public Utility Assets Operation Co., Ltd. sold RMB 370 million 3½% credit-enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.
The bonds benefit from a standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Huaibei Branch.
TF International, Golden Rich Securities, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Shanghai Pudong Development Bank Hong Kong Branch, CMB International and Haitong International are the joint lead managers and joint bookrunners for the Regulation S offering, with TF and Golden Rich also serving as joint global coordinators.
Proceeds are expected to be used for financing the Huaibei Datang Power Plant Upgrade Reconstruction Project (Phase I) and to replenish working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 8.
The issuer is engaged in infrastructure construction in Huaibei City.
| Issuer: | Huaibei Public Utility Assets Operation Co., Ltd.
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| LoC issuer: | Postal Savings Bank of China Co., Ltd., Huaibei Branch
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| Amount: | RMB 370 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Feb. 7, 2027
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| Bookrunners: | TF International, Golden Rich Securities, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Shanghai Pudong Development Bank Hong Kong Branch, CMB International and Haitong International
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 3½%
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| Price: | Par
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| Yield: | 3½%
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| Call: | For taxation reasons at par
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| Puts: | At par for a change of control or no registration event
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| Pricing date: | Feb. 1
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| Issue date: | Feb. 7
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| Listing date: | Feb. 8
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| Distribution: | Regulation S
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| ISIN: | HK0000980067
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