New Issue: Yinchuan Tonglian Capital sells RMB 2.12 billion 3.9% bonds due 2026

By William Gullotti

Buffalo, N.Y., June 6 – Yinchuan Tonglian Capital Investment Operation Co. Ltd. priced RMB 2.12 billion of 3.9% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.

The bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Ningxia Branch.

Central Wealth Securities Investment Ltd., Realord Asia Pacific Securities Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong International, CMBC Capital, Huatai International, CEB International, China International Capital Corp., China Credit International Securities Co., Ltd., TF International, China Galaxy International, Citic Securities, SunRiver International Securities Group Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CNCB Capital, Guotai Junan International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and SPDB International are the joint lead managers and joint bookrunners for the offering.

All but the last three, Industrial Bank, China Zheshang and SPDB, are also acting as joint global coordinators.

Proceeds will be used to refinance existing offshore debt.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective June 6.

The investment company is based in the province of Yinchuan.

Issuer:	Yinchuan Tonglian Capital Investment Operation Co. Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Ningxia Branch
Amount:	RMB 2.12 billion
Issue:	Credit enhanced bonds
Maturity:	June 5, 2026
Bookrunners:	Central Wealth Securities Investment Ltd., Realord Asia Pacific Securities Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong International, CMBC Capital, Huatai International, CEB International, China International Capital Corp., China Credit International Securities Co., Ltd., TF International, China Galaxy International, Citic Securities, SunRiver International Securities Group Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CNCB Capital, Guotai Junan International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and SPDB International
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Beijing Dentons Law Offices, LLP (China)
Counsel to underwriters:	Jun He Law Offices (England, Hong Kong), Beijing Yingke Law Firm Nanjing Office (China)
Coupon:	3.9%
Price:	Par
Yield:	3.9%
Call:	For taxation reasons at par plus interest
Change-of-control put:	At par plus interest
Pricing date:	June 1
Issue date:	June 5
Listing date:	June 6
Distribution:	Regulation S

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