New Issue: China’s Pujiang State-Owned Capital sells $50 million 2% bonds due 2024

By Marisa Wong

Los Angeles, Nov. 15 – China’s Pujiang State-Owned Capital Investment Group Co., Ltd. priced $50 million of 2% credit enhanced bonds due 2024 with the benefit of an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd. Jinhua Branch.

The bonds were priced at par.

Haitong International, China Enterprise Securities Co. Ltd., Dongxing Securities (Hong Kong), Everbright Securities International and Guotai Junan International are the joint lead managers and joint bookrunners. Haitong International is also the global coordinator, according to an offering memo.

The state-owned investment company will use proceeds for infrastructure construction and replenishing working capital.

Issuer:	Pujiang State-Owned Capital Investment Group Co., Ltd.
LoC bank:	Bank of Hangzhou Co., Ltd. Jinhua Branch
Issue:	Credit enhanced bonds
Amount:	$50 million
Maturity:	Nov. 12, 2024
Bookrunners:	Haitong International (global coordinator), China Enterprise Securities Co. Ltd., Dongxing Securities (Hong Kong), Everbright Securities International and Guotai Junan International
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to issuer:	Jun He Law Offices, Zhejiang Zuoyou Law Firm
Counsel to bookrunners:	Fangda Partners, Zhejiang Z&J Law Firm
Coupon:	2%
Price:	Par
Yield:	2%
Call option:	At par for tax reasons
Put option:	In some cases at par
Pricing date:	Nov. 5
Listing date:	Nov. 12
ISIN:	XS2404118908

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