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Published on 5/23/2023 in the Prospect News Emerging Markets Daily.

New Issue: Changxing Urban prices RMB 335 million 3.7% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., May 23 – China’s Changxing Urban Construction Investment Group Co., Ltd. priced RMB 335 million of 3.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.

The bonds feature the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Huzhou Branch.

Dingxin (Securities) Ltd., Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), Zheshang International and CNCB Capital are the joint lead managers and joint bookrunners for the Regulation S offering, with Dingxin also acting as global coordinator.

As with the company’s previously reported May 15 par-priced issue of RMB 200 million 3¾% credit enhanced bonds due 2026, proceeds will likewise be used for investing in onshore construction projects and for replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 23.

The infrastructure construction company is based in Huzhou, China.

Issuer:Changxing Urban Construction Investment Group Co., Ltd.
LoC issuer:Postal Savings Bank of China Co., Ltd., Huzhou Branch
Issue:Credit enhanced bonds
Amount;RMB 335 million
Maturity:May 22, 2026
Bookrunners:Dingxin (Securities) Ltd., Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), Zheshang International and CNCB Capital
Trustee:China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:King & Wood Mallesons (England), L&H Law Firm (China)
Counsel to underwriters:DeHeng Law Offices (Hong Kong) LLP (England), Zhejiang Zhehang Law Firm (China)
Coupon:3.7%
Price:Par
Yield:3.7%
Call option:For taxation reasons at par
Change-of-control put:At par
Pricing date:May 17
Issue date:May 22
Listing date:May 23
Distribution:Regulation S

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