Jiangxi Provincial Water Conservancy Investment Group (JXWC) has priced a US$300m debut offering of three-year senior green bonds at par to yield 3.40%, inside initial guidance of 3.85% area. The deal drew final orders of over US$2.67bn from 75 accounts, including US$990m from the leads.
Asia took 98% of the bonds and EMEA 2%. By investor type, 68% went to banks and financial institutions, 31% to fund managers and insurers, and 1% to private banks and others.
Wholly owned subsidiary Jiangxi Provincial Water Conservancy Investment Group (China) is the issuer of the Reg S green bonds and the state-owned parent company the guarantor.
The bonds have expected ratings of Baa3/BBB (Moody’s/Fitch), on par with the guarantor. Proceeds will be used mainly to refinance debt and fund infrastructure projects in China in alignment with a green bond framework.
SPDB International, CCB International, Hung Sing Securities and Standard Chartered Bank were joint global coordinators. They were also joint bookrunners and joint lead managers with CNCB Capital, Industrial Bank Hong Kong branch, CMB International, ABC International, Guotai Junan International, BoCom International, CEB International, Ping An of China Securities (Hong Kong), CMBC Capital and Everbright Sun Hung Kai.
SPDB International was the sole green structuring adviser. The Jiangxi provincial government owns 100% of JXWC through the provincial Department of Water Resources. JXWC focuses on water-related infrastructure construction and asset operation.
Source Nasdaq