Published on 3/26/2024 in the Prospect News Emerging Markets Daily.
New Issue: Heshan Public Asset Management prices RMB 1 billion 4.3% bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 26 – China’s Heshan Public Asset Management Co., Ltd. sold RMB 1 billion of 4.3% bonds due 2027 at par, according to a listing notice and an offering circular on Tuesday.
China Industrial Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, Guotai Junan International, China Galaxy International, Citic Securities, ABC International, ICBC International, Zhongtai International and SunRiver International Securities Group Ltd. are the joint lead managers and joint bookrunners for the offering, with China Industrial further serving as global coordinator.
Proceeds will be used for construction projects and to replenish working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 26.
The issuer is located in Heshan of China’s Guangdong Province, with businesses focused on urban infrastructure construction, land consolidation and development, industrial park development, property management and residential leasing, urban sewage treatment, automobile sales and others.
| Issuer: | Heshan Public Asset Management Co., Ltd.
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| Amount: | RMB 1 billion
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| Issue: | Bonds
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| Maturity: | March 25, 2027
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| Bookrunners: | China Industrial Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, Guotai Junan International, China Galaxy International, Citic Securities, ABC International, ICBC International, Zhongtai International and SunRiver International Securities Group Ltd.
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| Trustee: | Bank of New York Mellon, Hong Kong Branch
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| Counsel to issuer: | Linklaters (England), Guangdong Wesley Law Firm (China)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.3%
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| Price: | Par
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| Yield: | 4.3%
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| Call: | For taxation reasons at par
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| Puts: | At 101 upon change of control; at par for a non-registration event
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| Pricing date: | March 18
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| Issue date: | March 25
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| Listing date: | March 26
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| Distribution: | Regulation S
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| ISIN: | HK0000998333
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