The Shenzhou Car Rental announced the issuance of a $500 million 5-year US dollar-denominated bond with a coupon rate of 6.125%. After deducting expenses, the estimated net proceeds from the issuance of bonds are approximately US$486.5 million.
China’s car rental has set a number of historical records: China’s first high-yield bond issue in 2015, Asia’s first company to go to hairdressing bonds, and the first largest Chinese high-yield bond in the past three years, also set a high in Asia in recent years. The yield of earnings bonds has narrowed the most.
China’s car rental has been widely recognized by international investors. The scale of issuance has also increased from the expected US$300 million to US$500 million, and it has received over US$7 billion in over-subscription. The accounting process has attracted more than 340 institutional investors worldwide. And successfully narrowed the final price by 62.5 basis points from the initial price guidance, setting the highest price of new high-yield new bond issuance in Asia in recent years; 55% of investors are from Europe and America. This is rare in the history of overseas debt issuance by domestic companies. The analysis believes that the investor's eager subscription reflects its high recognition of China's car rental credit level, sustainable profitability and long-term development potential, as well as the diversification of China's high-yield bond issuers; Under the conditions, this bond successfully opened the issuance window of China's high-yield bonds in 2015 and released positive signals to the market.
Earlier this month, the three major international rating agencies Moody's, Standard & Poor's and Fitch respectively issued rating reports, giving China's car rental "Ba1" or "BB+" high ratings, the prospects are "stable", expressing confidence in the prospects of car rental in China . The initial rating of the US dollar bond issued by the company today is the same as the main rating, and the bond will be applied for listing on the Hong Kong Stock Exchange.
China Car Rental was successfully listed on the Hong Kong Stock Exchange in September last year. As of the close of this Wednesday, the car rental price of China was reported at HK$12.04, a cumulative increase of 42% and a market value of HK$28.4 billion.
This record-issued bond issue is one of the largest non-real estate high-yield bond issuances in China in recent years. It is also the bond issuer of the largest issuer of China's high-yield bonds in the past three years. The document shows that the China Car Rental Plan will issue bonds. Revenue is used for capital expenditures and other general corporate purposes, including debt repayment and enhanced capital structure. Credit Suisse, Standard Chartered and Deutsche Bank acted as joint bookrunners and joint lead managers for the offering.
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