Published on 9/5/2023 in the Prospect News Emerging Markets Daily.
New Issue: HaiYan Coastline issues $122 million 5.9% guaranteed bonds due 2026
By William Gullotti
Buffalo, N.Y., Sept. 5 – China’s HaiYan Coastline Co., Ltd., a wholly owned subsidiary of Haiyan State-owned Assets Management Co., Ltd., issued $122 million of 5.9% guaranteed bonds due 2026 (//BBB-) at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the parent company.
China International Capital Corp., SunRiver International Securities Group Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Bocom International and Huatai International are the joint lead managers and joint bookrunners for the offering, with China International also acting as global coordinator.
Proceeds will be used for project construction and replenishing working capital.
The listing for the Regulation S bonds became effective on the Hong Kong Exchange on Sept. 4.
Located in Jiaxing City of China’s Zhejiang Province, the guarantor is a state-owned entity involved in infrastructure construction, land development and resettlement housing.
| Issuer: | HaiYan Coastline Co., Ltd.
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| Guarantor: | Haiyan State-owned Assets Management Co., Ltd.
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| Amount: | $122 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 1, 2026
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| Bookrunners: | China International Capital Corp., SunRiver International Securities Group Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Bocom International and Huatai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Zhejiang Zicheng Law Firm (China)
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| Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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| Coupon: | 5.9%
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| Price: | Par
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| Yield: | 5.9%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At 101 plus interest if change of control occurs; at par plus interest if non-registration event occurs
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| Pricing date: | Aug. 29
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| Issue date: | Sept. 1
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| Listing date: | Sept. 4
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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| ISIN: | XS2671493562
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