First offshore bond issuance of Zhongnan in 2020
On 28 July 2020, as a Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager, Admiralty Harbour assisted Jiangsu Zhongnan Construction Group Co., Ltd. (000961.SZ) to have successfully priced the US$200m 364-day 9% Senior Notes. The Company is rated B2 (Stable) by Moody's and B (Positive) by S&P.
This transaction is the first offshore bond issuance of Zhongnan in 2020. Amid relatively quiet primary market of high yield Kungfu Bonds recently, the transaction, with a capped size of US$ 200m, saw a more than US$ 1 billion orderbook as at the announcement of the FPG. Finally, the issuing yield was priced at 9.35%, 40bps tightening from the IPG.
Congratulations to Zhongnan!