Sichuan Development Holding Co., Ltd. Debuts on MOX With Its USD 400M Notes, 1st Company to be Dual-Listed on MOX And LuxSE
Sichuan Development Holding Co., Ltd. Debuts on MOX With Its USD 400M Notes,
1st Company to be Dual-Listed on MOX And LuxSE
On 19th Aug, 2021, Sichuan Development Holding Co., Ltd. (SDH), hosted by Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX) for a virtual listing ceremony to celebrate the successful listing of its USD 400 million senior unsecured notes on MOX & LuxSE. This represents the first ever dual listing bonds after MOX launching one-stop dual listing initiative in Macao and Luxembourg.
Mr. Mex Zhang, The Executive Chairman and President of MOX, Ms. Li Lingna, Deputy General Manager of SDH, Mr. David Yim, Managing Director, Regional Head of Capital Markets, Greater China & North Asia of Standard Chartered Bank, delegates from SDH and MOX's Marketing Department I participated the virtual listing ceremony.
SDH, the first investment-grade corporate issuer to be dual-listed on MOX & LuxSE, priced US$400 million 5-year 2.8% senior fixed rate notes with rating A- by Fitch. The issuance is a drawdown from the Group’s 2 billion USD MTN programme. Standard Chartered Bank acted as the Left-lead Joint Global Coordinator, Sole Ratings Advisor and Settlement Bank.
Mr. Mex Zhang, The Executive Chairman and President of MOX said, “We are pleased to work with the issuer and witness the first innovative dual listing come to fruition today. MOX is delighted to welcome SDH, the first company to dual listed their bonds on MOX and LuxSE. We believe that through dual listing, company will have greater access to an enlarged pool of investors, enjoy the benefits of extensively visibility and highly transparent environment. We look forward to taking this successful practice as a driving force to continuously promote the innovative development of financial cooperation.”
Li Lingna, The 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 effect on cross-border financial cooperation between Sichuan province and Macao. It further solidifies the company's overseas financing channels, which is a milestone for the company to strive to build international financing channels for multi-currency and a cross-border two-way capital operation system that bridges the domestic and overseas markets, and to demonstrate high-quality credit qualification again to the international capital market.”
Mr. David Yim, Managing Director Regional Head of Capital Markets, Greater China & North Asia of Standard Chartered said, “The Notes have received orders from high quality professional investment institutions from many countries and regions around the world. The final book is over US$3.1 billion, it fully reflects the international capital market's high recognition and affirmation of SDH and its credit status. Looking ahead, Standard Chartered Bank expects more Chinese issuers to partner with MOX to issue and list more offshore bonds with historical significance, and deepen the financial development of the Guangdong-Hong Kong-Macao Greater Bay Area.”
Sichuan Development Holding Co., Ltd. was incorporated in January 2009, with registered capital of USD 11.8 billion (RMB 80 billion), being Sichuan's largest State-Owned Enterprise (SOE). The Group’s rating is the highest assigned by international rating agencies to a company based in Western China. SDH invests and controls number of specialized business sectors including finance, emerging industry, modern services, competitive industry, infrastructure and real estate, and international business, making contribution to the development of the State and the Sichuan Province.