BEWG issues China’s first Panda perpetual mid-term notes 2021-05-14
On 13 May 2020, BEWG (00371.hk) announced that the Group completed the issuance of 2020 Medium-term Notes Series 1 to qualified investors on 12 May 2020. The aggregate principal of the 2020 Medium-term Notes Series 1 is RMB1 billion, marking the first approved and issued Panda perpetual mid-term notes on the Chinese inter-bank market.
These Panda mid-term notes are rated AAA, have a term of 5+N years, inferior to the Group’s common bonds, with final coupon rate of 4.00% per annum. It’s noteworthy that this issue of Panda midterm notes is the first Panda perpetual bonds inferior to common bonds after the Chinese Ministry of Finance published the Perpetual Bonds Related Accounting Regulations (CK 2019 N0. 2), highly innovative, making contribution to the enrichment and development of multilevel capital markets in China. In addition, this issue of bonds are the only midterm notes in China that integrates “Panda”, “inferior” and “perpetual” properties, whose issuance represents the investors’ high recognition of the credit standing and development prospect of BEWG.
In this issue of Panda midterm bonds, the raised capital will be used to replenish the working capital for BEWG’s subsidiary sewage treatment project construction and project company, helping the Group to improve the healthy and fast development of municipal water industry, water comprehensive governance and other environmental business, to better serve Chinese economy, society and environmental undertakings, and provide more people with green, healthy, and sustainable living environment services.
