Shanghai International Port (Group) Co., Ltd. (hereinafter referred to as "SIPG", stock code: 600018.SH) overseas senior US dollar bonds were successfully priced and issued on June 11, 2019, raising a total of US$ 700 million (including US $400 million for 5-year bonds and US $300 million for 10-year bonds) .
Shanghai International Port (Group) Co., Ltd. is the operator of Shanghai Port's public terminals. It was listed on the Shanghai Stock Exchange on October 26, 2006, becoming the first port joint-stock enterprise to be listed in the whole country. SIPG‘s main business is divided into four major sectors, namely, container terminal business, bulk cargo terminal business, port logistics business and port service business. At present, a port logistics industry chain has been formed, including dock loading and unloading, warehousing, storage, shipping, land transportation, agency and other services. At present, SIPG (the parent port of the Company) has ranked No.1 around the world in container throughput for 9 consecutive years.
The US dollar bonds are issued mainly by the overseas subsidiaries of SIPG and guaranteed by SIPG. The term of the US dollar bond includes 5-year and 10-year terms, and its yield has been the lowest since 2018. At the same time, the 15-fold oversubscription is also one of the highest oversubscription multiples for Chinese dollar bonds. The US dollar bonds issued this time are the first senior US dollar bonds issued by SIPG. The final pricing was significantly reduced by 30 basis points compared with the initial price guidelines, successfully breaking through the secondary market yield curve of comparable bonds, and the ten-year batch of T+130 basis points set the narrowest pricing ever for the first senior bonds issued by state-owned enterprises.
As China's legal advisor to the issuer, the lawyer team of Jingtian & Gongcheng fully cooperated with the progress of the project and participated in the issuance and roadshow of the US dollar bonds, providing legal services for the issuance of the US dollar bonds. We also participated in 2017 SIPG Overseas Issuance of Exchangeable Bonds as China's legal advisor to the issuer, which won the Outstanding Debt Securities Trading Award of the Year in China Law & Practice.
Jingtian & Gongcheng has rich legal service experience in bond issuance, completing 57 and 49 US dollar bonds projects in 2017 and 2018 respectively. Jingtian & Gongcheng has assisted many large central enterprises, well-known famous enterprises and local enterprises to successfully issue various types of bonds at home and abroad, including the Bank of China's "the belt and road initiative" bond project, the Bank of China's "Great Bay Area" bond, the China Nuclear Engineering& Construction Group Corporation Limited's overseas CNY bond, the CHEMCHINA multi-variety bond issue, the CSCEC overseas US dollar bonds, the China RE overseas US dollar bonds, the CHINA DATANG CORPORATION overseas CNY bond, Baidu overseas US dollar bonds, Ctrip's issuance of US depositary receipts and senior convertible bonds, the Football Club Internazionale Milano Euro guaranteed bond, Suning Electric Appliance overseas Dollar bond, Tianjin Rail Transit overseas US dollar bonds, Huzhou City Investment and Development Group overseas US dollar bonds, Guangxi Communications Investment Group Corporation overseas US dollar bonds, Qingdao City Construction Investment (Group) Co., Ltd. overseas US dollar bonds, Chengdu Xingcheng Investment Group Co., Ltd overseas US dollar bonds, Xuzhou high-tech industrial development zone state-owned company overseas US dollar bonds and other landmark projects. Thanks to rich cases and industry experience, Jingtian & Gongcheng can provide all-round professional legal services for the Clients at home and abroad, providing the most powerful guarantee for the Clients to invest and finance in domestic and overseas capital markets through bond issuance and other means.
