Published on 3/28/2024 in the Prospect News Emerging Markets Daily.
New Issue: Mianyang Science sells RMB 530 million 3.18% credit-enhanced bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 28 – China’s Mianyang Science & Technology City Development & Investment (Group) Co., Ltd. (Lianhe: BBB+) sold RMB 530 million of 3.18% credit-enhanced bonds due 2027 at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Chengdu Branch.
GF Securities, Orient Securities (Hong Kong), Haitong International, BOSC International, CEB International, CMB Wing Lung Bank Ltd., CNCB Capital, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and I Win Securities Ltd. are the joint lead managers and joint bookrunners, with GF, Orient, Haitong and BOSC also serving as joint global coordinators.
Proceeds will be used for the group’s project operations.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 28.
Based and operating in Mianyang City of China’s Sichuan Province, the group is involved in land development, infrastructure construction, real estate, industrial product sales, trading and natural gas sales and installation.
Issuer: | Mianyang Science & Technology City Development & Investment (Group) Co., Ltd.
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LoC issuer: | Bank of Shanghai Co., Ltd., Chengdu Branch
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Amount: | RMB 530 million
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Issue: | Credit-enhanced bonds
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Maturity: | March 27, 2027
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Bookrunners: | GF Securities, Orient Securities (Hong Kong), Haitong International, BOSC International, CEB International, CMB Wing Lung Bank Ltd., CNCB Capital, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and I Win Securities Ltd.
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Trustee: | CMB Wing Lung (Trustee) Ltd.
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Counsel to issuer: | Ashurst Hong Kong (England, Hong Kong), Beijing DeHeng Law Offices (China)
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Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
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Coupon: | 3.18%
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Price: | Par
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Yield: | 3.18%
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Call: | For taxation reasons at par
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Puts: | At par upon change of control or non-registration event
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Pricing date: | March 20
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Issue date: | March 27
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Listing date: | March 28
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Rating (issuer): | Lianhe: BBB+
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Distribution: | Regulation S
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ISIN: | HK0001001004
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