光银国际助力临沂城投成功发行美元债券

2020-9-17光银国际

临沂市得力于优越的地理位置，成为全国重要的商贸物流中心，多年来临沂城市建设投资集团有限公司（简称“临沂城投”或“公司”）全力支持临沂市的城市建设，为城市发展做出了突出贡献，因此吸引了国际资本市场的目光。

近日，光银国际作为联席簿记管理人，成功助力临沂城投于香港发行3年期、美元计价的高级无抵押债券，合计金额3亿美元，票息3%。本次债券发行结构为跨境担保，发行人为沂晟国际有限公司，担保人为临沂城投，发行人为担保人的全资境外子公司。担保人主体评级为惠誉BBB-，展望为稳定。债券于香港联交所上市。



截至2019年末，临沂城投是临沂市最重要的基础设施建设、投融资和国有资产运营主体，是临沂市国资委独资企业。公司成立于2013年，目前主要业务包括城建投资、置业开发、交通运输、绿色能源与木业，具有很强的区域专营性，对完善城市公共服务、促进地区经济发展具有重要意义。得益于强力的股东支持和多元化的业务，公司承建了临沂市很多标志性重点项目，在临沂市发展中发挥了重要作用。



此次债券发行交易路演期间，市场反响热烈，簿记建档日订单动能充足，当日订单累计金额近17亿美元，超额覆盖超过5倍，成功将债券收益率由初始价格指引的3.50%区间大幅收窄50个基点至最终定价的3%，创下了山东省同评级企业境外债历史最低发行利率记录。在光大银行青岛分行的大力支持下，光银国际助力临沂城投成功发行此次美元债券，为临沂城投在国际资本市场上获得了更多的投资人认可。以此为契机，光银国际将加大与光大银行青岛分行的合作力度，加强业务的联动及协同，未来争取在多层次的业务上实现多元化的合作。

Linyi has become an important business and logistics center in China due to its favorable location. For many years, Linyi City Construction Investment Group Co., Ltd. (“Linyi Chengtou” or the “Company”) has fully supported the infrastructure construction and contributed to the development of the city. Due to its outstanding contributions, the Company has attracted the attention of the international capital market.

Recently, Linyi Chengtou successfully priced US$300 million 3-year 3% senior fixed rate notes (the “Notes”). CEBI acted as Joint Bookrunner and Joint Lead Manager on this transaction. Issuer of the Notes is Yi Bright International Limited and guarantor of the Notes is Linyi Chengtou. The issuer is a direct wholly-owned subsidiary of Linyi Chengtou which provides cross-border guarantee to the Notes issued. The Company is rated BBB- with stable outlook by Fitch. The Notes have been listed on The Stock Exchange of Hong Kong Limited.

The Company is the core infrastructure construction and state-owned assets management entity in Linyi and is wholly owned by Linyi SASAC as of the end of December 2019. Since its establishment in 2013, the Company has been the core operating entity in carrying out municipal development activities and providing public services in Linyi, including municipal construction, real estate development, transportation, green energy and wood products manufacturing. Leveraging on the development of Linyi, strong shareholder’s support and its diversified businesses, the Company has undertaken and completed a large number of municipal development projects and played an important role in the development of Linyi.

The transaction was announced in the morning of Sep 9th, 2020 with an initial price guidance range of 3.50% and received overwhelming demand from institutional investors with a strong order book of nearly US$1.7 billion, representing over 5x oversubscription. This allowed the Company to tighten price guidance by 50bps and the Notes was finally priced at 3%, which is the lowest issuance yield of USD bonds issued by companies with the same rating in Shandong. With unreserved support of the Qingdao branch of China Everbright Bank (“CEB Qingdao Branch”), CEBI helped the Company to complete this transaction successfully. This will strengthen the business partnership between CEB Qingdao Branch and CEBI and will enhance our future cooperation in seeking for various business opportunities.

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