New Issue: China’s Yunnan Provincial prices $300 million 3% notes due 2019 at 215 bps spread

By Christine Van Dusen

Atlanta, April 20 – China’s Yunnan Provincial Investment Group Co. Ltd. priced $300 million 3% three-year notes (expected rating: //BBB) at 99.815 to yield Treasuries plus 215 basis points, a market source said.

Bank of China, Citigroup, Guotai Junan International, HSBC were the joint global coordinators for the Regulation S deal and acted as bookrunners. CCB International, China Merchants Securities, Citigroup and Citic CLSA Securities were also bookrunners.

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 Energy Investment Group Co. Ltd.
Amount:	$300 million
Maturity:	April 26, 2019
Description:	Notes
Bookrunners:	Bank of China, Citigroup, Guotai Junan International, HSBC (joint global coordinators); CCB International, China Merchants Securities, Citic CLSA Securities
Coupon:	3%
Price:	99.815
Spread:	Treasuries plus 215 bps
Trade date:	April 19
Settlement date:	April 26
Expected rating:	Fitch: BBB
Distribution:	Regulation S

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