New Issue: China’s Yiwu State-Owned unit sells $400 million 4% bonds due 2025

By Sarah Lizee

Olympia, Wash., Feb. 18 – Yiwu State-Owned Capital Operation Co., Ltd. subsidiary Chouzhou International Investment Ltd. sold $400 million 4% guaranteed bonds due 2025 (Baa3//BBB), according to a notice of listing on the Stock Exchange of Hong Kong Ltd.

The notes are guaranteed by Yiwu.

Standard Chartered Bank, Bank of China, Citigroup, Guosen Securities (HK), Guotai Junan International, ABC International, Bocom International, China Citic, Bank International Ltd., CMBC Capital, China Securities International, CLSA, DBS Bank Ltd., ICBC International and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners, with Standard Chartered, Bank of China, Citigroup and Guosen Securities as joint global coordinators.

Listing is expected for Feb. 19.

Yiwu State-Owned Capital Operation offers investment management services. It is based in Yiwu, China.

Issuer:	Chouzhou International Investment Ltd.
Guarantor:	Yiwu State-Owned Capital Operation Co., Ltd.
Issue:	Bonds
Amount:	$400 million
Maturity:	2025
Bookrunners:	Standard Chartered Bank, Bank of China, Citigroup, Guosen Securities (HK), Guotai Junan International, ABC International, Bocom International, China Citic, Bank International Ltd., CMBC Capital, China Securities International, CLSA, DBS Bank Ltd., ICBC International and Shanghai Pudong Development Bank Hong Kong Branch, with Standard Chartered, Bank of China, Citigroup and Guosen Securities as joint global coordinators
Coupon:	4%
Announcement date:	Feb. 18
Listing date:	Feb. 19
Ratings:	Moody’s: Baa3
	Fitch: BBB

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