Two northern China-based companies are poised to test the appetite of international investors for more dim sum bonds, with separate proposals for yuan-denominated debt offerings.
State-owned Dalian Port Company, the biggest comprehensive port operator in northeastern China, said in a filing with the Hong Kong stock exchange on Friday that it plans to commence an international roadshow next week for a proposed debt issue by subsidiary Asia-Pacific Ports Development Company.
Pricing of the dim sum bonds will be determined after a book-building exercise to be conducted by ABC International and the Hong Kong branch of the Agricultural Bank of China, which have been tapped as the offering’s joint global coordinators.
Along with those two institutions, CCB International, China Minsheng Bank and Huatai Financial will also serve as joint lead managers and joint bookrunners of the proposed debt offering.
The issuer plans to use the proceeds of the proposed bonds issue for refinancing and general working capital purposes.
Meanwhile, China Financial Services Holdings, the leading financial services provider for small-to-medium-sized enterprises in northern China, said on Friday that the proposed dim sum bonds will be issued through subsidiary Golden Bauhinia Investment Holdings.Pricing of the issue, which will be offered to professional investors outside the United States, will be determined through a book-building exercise to be conducted by JP Morgan, the sole lead manager.