Sichuan state-owned firm lists USD400m senior notes on dual listing bond

Sichuan Development Holding Co., Ltd. (SDH) recently listed USD400 million senior unsecured notes on both the local Macau and overseas Luxemborg bond markets, representing the first dual listing bonds.
This comes after Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX) launched a one-stop dual listing initiative in both regions.
SDH, the first investment-grade corporate issuer to be dual-listed on MOX & Luxembourg Stock Exchange (LuxSE), priced USD400 million five-year 2.8% senior fixed rate notes with an A- rating from Fitch.
The issuance is a drawdown from the group’s USD2 billion medium-term notes (MTN) programme, according to a statement issued by the group.
Li Lingna, deputy general manager of SDH said, “The bonds dual listed on MOX and LuxSE not only marks a breakthrough in overseas financing for Chinese enterprises, but also plays an important demonstration of cross-border financial cooperation between Sichuan province and Macau.”
Li added that the move further solidifies the company’s overseas financing channels, which is a milestone in its efforts to build international financing channels for multi-currency and a cross-border two-way capital operation system to bridge domestic and overseas markets.
SDH was incorporated in January 2009, with registered capital of USD11.8 billion. The firm invests and operates in a number of specialized business sectors including finance, emerging industry, modern services, infrastructure and real estate, and international business.

 

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