New Issue: Yiwu’s Chouzhou International prices $400 million 5.7% guaranteed bonds due 2026

By William Gullotti

Buffalo, N.Y., June 28 – China’s Chouzhou International Investment Ltd., a wholly owned subsidiary of Yiwu State-Owned Capital Operation Co., Ltd., priced $400 million of 5.7% guaranteed bonds due 2026 (Baa3//BBB) at par, according to a listing notice with an appended offering circular on Wednesday.

The Regulation S bonds are issued by the subsidiary and irrevocably guaranteed by the parent.

Bank of China, Caitong International, China Citic Bank International, China International Capital Corp., Standard Chartered Bank, Bocom International, China Galaxy International, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CNCB Capital, Haitong Bank, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd. and OCBC Bank are the joint lead managers and joint bookrunners, with Bank of China, Caitong, China Citic, China International and Standard Chartered also acting as joint global coordinators.

Proceeds will be used to refinance existing offshore debt in accordance with the company’s sustainable finance framework.

Listing for the bonds is expected on the Hong Kong Exchange effective June 28.

Chouzhou is a BVI-incorporated financial company that offers investment management services. The guarantor is based in Yiwu, China and offers investment management services.

Issuer:	Chouzhou International Investment Ltd.
Guarantor:	Yiwu State-Owned Capital Operation Co., Ltd.
Amount:	$400 million
Issue:	Guaranteed bonds
Maturity:	June 27, 2026
Bookrunners:	Bank of China, Caitong International, China Citic Bank International, China International Capital Corp., Standard Chartered Bank, Bocom International, China Galaxy International, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CNCB Capital, Haitong Bank, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd. and OCBC Bank
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Latham & Watkins LLP (England), Long An Law Firm (China), Ogier (BVI)
Counsel to underwriters:	Allen & Overy (England), Zhong Lun Law Firm (China)
Coupon:	5.7%
Price:	Par
Yield:	5.7%
Call option:	For taxation reasons at par plus interest
Put option:	At 101 plus interest for a change of control; at par plus interest for a no-registration event
Pricing date:	June 20
Issue date:	June 27
Listing date:	June 28
Ratings:	Moody’s: Baa3
	Fitch: BBB
ISIN:	XS2623993974

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