Published on 2/1/2024 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: China’s Dongyang prices ¥12 billion 1.45% credit-enhanced green bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., Feb. 1 – Dongyang State Owned Assets Investment Co., Ltd. sold ¥12 billion of 1.45% credit-enhanced green bonds due 2027 (Lianhe: A-) at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd., Jinhua Branch.
China Galaxy International, China International Capital Corp., Citic Securities, China Securities International, CCB International, Bocom International, ICBC (Asia), CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, CMB International, SunRiver International Securities Group Ltd., Essence International, TF International, Zhongtai International and Haitong Bank are the joint lead managers and joint bookrunners for the offering, with China Galaxy and China International Capital also serving as joint global coordinators.
Proceeds will be used for project construction and replenishing working capital in accordance with the company’s green finance framework.
Listing for the bonds is expected on the Hong Kong Exchange effective Feb. 1.
The issuer is the core operating entity responsible for sales of goods and urban infrastructure construction in China’s Dongyang City, located within Jinhua City, Zhejiang Province.
Issuer: | Dongyang State Owned Assets Investment Co., Ltd.
|
LoC issuer: | Bank of Hangzhou Co., Ltd., Jinhua Branch
|
Amount: | ¥12 billion
|
Issue: | Credit-enhanced green bonds
|
Maturity: | Jan. 29, 2027
|
Bookrunners: | China Galaxy International, China International Capital Corp., Citic Securities, China Securities International, CCB International, Bocom International, ICBC (Asia), CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, CMB International, SunRiver International Securities Group Ltd., Essence International, TF International, Zhongtai International and Haitong Bank
|
Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Zhejiang Zhejing Law Firm (China)
|
Counsel to underwriters: | Latham & Watkins LLP (England), Long An Law Firm (China)
|
Coupon: | 1.45%
|
Price: | Par
|
Yield: | 1.45%
|
Call: | For taxation reasons at par
|
Puts: | At par for a change of control or no registration event
|
Pricing date: | Jan. 24
|
Issue date: | Jan. 29
|
Listing date: | Feb. 1
|
Rating (expected): | Lianhe: A-
|
Distribution: | Regulation S
|
ISIN: | XS2752890355
|
|
|
© 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.