By William Gullotti
Buffalo, N.Y., Sept. 25 – China’s Dongsheng Investment and Development (HK) Co., Ltd. sold RMB 260 million of 4.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The Regulation S bonds are guaranteed by parent company Zaozhuang High-tech Investment Group Co., Ltd. and are supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd. Zaozhuang Branch.
Initial Capital Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Fosun International Securities, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Guoyuan Securities (Hong Kong) are the joint lead managers and joint bookrunners, with Initial Capital acting as global coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Sept. 25.
The issuer is a special purpose subsidiary of the guarantor, incorporated in Hong Kong on April 27, 2022. The guarantor is a state-owned platform for agency construction and engineering construction in China’s Zaozhuang City.
| Issuer: | Dongsheng Investment and Development (HK) Co., Ltd.
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| Guarantor: | Zaozhuang High-tech Investment Group Co., Ltd.
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| LoC issuer: | Evergrowing Bank Co., Ltd. Zaozhuang Branch
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| Amount: | RMB 260 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Sept. 22, 2026
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| Bookrunners: | Initial Capital Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Fosun International Securities, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Guoyuan Securities (Hong Kong)
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | Sept. 14
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| Issue date: | Sept. 22
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| Listing date: | Sept. 25
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| Distribution: | Regulation S
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| ISIN: | HK0000954344
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