Published on 3/25/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s Yidu prices RMB 217 million of 6.9% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., March 25 – Yidu State-owned Assets Investment, Operation and Holding Group Co., Ltd. priced RMB 217 million of 6.9% bonds due 2026 at par, according to a listing notice with an appended offering circular on Monday.
Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Shun Heng Securities, Haitong International, China Securities International, TF International, Shanghai Pudong Development Bank Hong Kong Branch and Raising International Securities Ltd. are the joint lead managers and joint bookrunners for the offering, with Shenwan Hongyuan also serving as global coordinator.
Proceeds will be used for refinancing existing debt and to replenish working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 25.
Located and operating in Yidu City of China’s Hubei Province, the issuer is involved in project construction, real estate development, hydroelectric power, highway operation and water supply.
| Issuer: | Yidu State-owned Assets Investment, Operation and Holding Group Co., Ltd.
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| Amount: | RMB 217 million
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| Issue: | Bonds
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| Maturity: | March 22, 2026
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| Bookrunners: | Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Shun Heng Securities, Haitong International, China Securities International, TF International, Shanghai Pudong Development Bank Hong Kong Branch and Raising International Securities Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | JunZeJun Law Offices (China)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Global Law Office (China)
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| Coupon: | 6.9%
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| Price: | Par
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| Yield: | 6.9%
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| Call option: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest upon change of control; at par plus interest for a no registration event
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| Pricing date: | March 15
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| Issue date: | March 22
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| Listing date: | March 25
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| Distribution: | Regulation S
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| ISIN: | HK0000984390
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