New Issue: China’s Yunnan Provincial prices $300 million 3 3/8% notes due 2019 at 240 bps spread

By Christine Van Dusen

Atlanta, March 23 – China’s Yunnan Provincial Investment Holdings Group printed $300 million 3 3/8% three-year notes (expected rating: //BBB+) at 99.748 to yield 3.464%, or Treasuries plus 240 basis points, a market source said.

Bank of China International, China Minsheng International, UBS, BOC International, Quam Securities, Shanghai Pudong Development Bank, CCB International, ANZ and AMTD were the bookrunners for the Regulation S deal.

The issuer is a Kunming-based supplier of steel, iron ore, coal, sand and gravel that also works in transportation, construction, technology and other sectors.

Issuer:	Yunnan Provincial Investment Holdings Group
Amount:	$300 million
Maturity:	April 1, 2019
Description:	Notes
Bookrunners:	Bank of China International, China Minsheng International, UBS, BOC International, Quam Securities, Shanghai Pudong Development Bank, CCB International, ANZ, AMTD
Coupon:	3 3/8%
Price:	99.748
Yield:	3.464%
Spread:	Treasuries plus 240 bps
Put options:	At par if notes cease to be rated or to be investment-grade rated
Change-of-control put:	101%
Trade date:	March 23
Settlement date:	April 1
Expected rating:	Fitch: BBB+
Distribution:	Regulation S

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