New Issue: China’s State Elite issues $700 million 1˝% notes due 2026

By William Gullotti

Buffalo, N.Y., Sept. 30 – State Elite Global Ltd. priced a $700 million issue of 1˝% fixed-rate notes (A1/A) due 2026 at 99.813, according to a listing notice with an appended pricing supplement on Thursday.

The Regulation S notes, issued under its $2.7 billion medium term note program, will be guaranteed by China Construction Bank Corp. Hong Kong Branch.

The notes may be redeemed early for taxation reasons at par plus interest.

CCB International and China Construction Bank (Asia) are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Agricultural Bank of China Ltd., Hong Kong Branch, ANZ, Bank of China, Bank of Communications, Bocom International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CMB Wing Lung Bank Ltd., Guotai Junan International, Huatai International, HSBC, ICBC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Nanyang Commercial Bank, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, Standard Chartered Bank and Bank of East Asia, Ltd. are also serving as joint lead managers and joint bookrunners.

Proceeds will be used for refinancing and general corporate purposes.

The listing for the notes is expected on the Hong Kong Exchange effective Sept. 30.

State Elite Global is a fully-owned special purpose vehicle of CCB International (Holdings) Ltd., which is in turn a fully-owned subsidiary of CCB.

Issuer:	State Elite Global Ltd.
Guarantor:	China Construction Bank Corp. Hong Kong Branch.
Securities:	Fixed-rate notes
Amount:	$700 million
Maturity:	Sept. 29, 2026
Bookrunners:	CCB International, China Construction Bank (Asia), Agricultural Bank of China Ltd., Hong Kong Branch, ANZ, Bank of China, Bank of Communications, Bocom International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CMB Wing Lung Bank Ltd., Guotai Junan International, Huatai International, HSBC, ICBC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Nanyang Commercial Bank, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, Standard Chartered Bank and Bank of East Asia, Ltd.
Counsel to issuer:	Freshfields Bruckhaus Deringer (English), Maples and Calder (Hong Kong) LLP (British Virgin Islands)
Counsel to bookrunners:	Global Law Office (China), Linklaters (English)
Coupon:	1˝%
Price:	99.813
Yield:	1.539%
Call features:	At par plus accrued interest for taxation reasons
Pricing date:	Sept. 23
Issue date:	Sept. 29
Listing date:	Sept. 30
Ratings:	Moody’s: A1
	S&P: A
Distribution:	Regulation S
ISIN:	XS2388909181

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