New Issue: Taizhou Huangyan sells €140 million 2.4% credit enhanced bonds in two parts at par

By William Gullotti

Buffalo, N.Y., May 23 – China’s Taizhou Huangyan Transportation and Tourism Investment Group Co., Ltd. announced it priced a €140 million two-part offering of 2.4% credit enhanced bonds due 2025 at par, according to two listing notices with appended offering circulars on Monday.

The first series of Regulation S bonds is for €75 million, backed by an irrevocable standby letter of credit issued by Bank of Ningbo Taizhou Branch.

The second series is for €65 million, this one featuring an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd.

The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders of both series will also be able to put the notes at par plus interest if a change of control or registration event occurs.

Orient Securities (Hong Kong) is the global coordinator for the Bank of Ningbo-backed series, also serving as a joint lead manager and joint bookrunner along with Hua Xia Bank Co., Ltd., Hong Kong Branch, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, China Credit International Securities Co., Ltd., China PA Securities (Hong Kong) Co., Ltd., OCI International, CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Shenwan Hongyuan (H.K.).

Orient Securities (Hong Kong) and Hua Xia Bank Co., Ltd., Hong Kong Branch are the joint global coordinators for the Bank of Hangzhou-backed series, also serving as joint lead managers and joint bookrunners along with BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, China Credit International Securities Co., Ltd., China PA Securities (Hong Kong) Co., Ltd., OCI International, CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Shenwan Hongyuan (H.K.).

Proceeds from the offering will be used for project construction and supplementing general working capital.

Listings for both series are expected on the Hong Kong Exchange effective May 23.

The issuer is a state-owned asset operation platform focused on project development and infrastructure construction in the Huangyan District of China.

Issuer:	Taizhou Huangyan Transportation and Tourism Investment Group Co., Ltd.
Amount:	€140 million
Issue:	Credit enhanced bonds
Maturity:	May 20, 2025
Counsel to issuer:	Herbert Smith Freehills (England), Zhejiang Xintaizhou Law Firm (China)
Counsel to bookrunners:	Mayer Brown (England), Jingtian & Gongcheng (China)
Coupon:	2.4%
Price:	Par
Yield:	2.4%
Call:	For taxation reasons only at par plus interest
Change of control:	At par plus interest
Registration event:	At par plus interest
Pricing date:	May 13
Issue date:	May 20
Listing date:	May 23
Distribution:	Regulation S
Bank of Ningbo LoC
Amount:	€75 million
LoC issuer:	Bank of Ningbo Taizhou Branch
Bookrunners:	Orient Securities (Hong Kong), Hua Xia Bank Co., Ltd., Hong Kong Branch, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, China Credit International Securities Co., Ltd., China PA Securities (Hong Kong) Co., Ltd., OCI International, CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Shenwan Hongyuan (H.K.)
ISIN:	XS2477153808
Bank of Hangzhou LoC
Amount:	€65 million
LoC issuer:	Bank of Hangzhou Co., Ltd.
Bookrunners:	Orient Securities (Hong Kong), Hua Xia Bank Co., Ltd., Hong Kong Branch, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, China Credit International Securities Co., Ltd., China PA Securities (Hong Kong) Co., Ltd., OCI International, CNCB Capital, Shanghai Pudong Development Bank Hong Kong Branch and Shenwan Hongyuan (H.K.)
ISIN:	XS2477155332

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