New Issue: Fuzhou Digital sells $98 million 1.98% credit enhanced bonds due 2025

By Marisa Wong

Los Angeles, Jan. 24 – China’s Fuzhou Digital Economy Investment Group Co., Ltd. issued $98 million of 1.98% three-year credit enhanced bonds at par, according to a company announcement.

The bonds have the benefit of an irrevocable standby letter of credit provided by Industrial and Commercial Bank of China Ltd., Jiangxi Branch.

The joint lead managers and joint bookrunners are China Credit International Securities Co., Ltd., China Industrial Securities International, ICBC International, Shenwan Hongyuan (HK), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, CMB Wing Lung Bank Ltd., Fosun Hani, Silk Road International, Haitong International and Bank of China.

Proceeds will be used for project construction and general working capital.

The issuer is involved in construction, investment and operation of infrastructures in Fuzhou City and is wholly owned by the Fuzhou City State-owned Assets Supervision and Administration Commission (Sasac) of China.

Issuer:	Fuzhou Digital Economy Investment Group Co., Ltd.
LoC bank:	Industrial and Commercial Bank of China Ltd., Jiangxi Branch
Amount:	$98 million
Issue:	Credit enhanced bonds
Maturity:	Jan. 21, 2025
Bookrunners:	China Credit International Securities Co., Ltd., China Industrial Securities International, ICBC International, Shenwan Hongyuan (HK), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, CMB Wing Lung Bank Ltd., Fosun Hani, Silk Road International, Haitong International and Bank of China
Coupon:	1.98%
Price:	Par
Yield:	1.98%
Call option:	For tax reasons
Put option:	Upon change of control or no-registration event
Pricing date:	Jan. 13
Settlement date:	Jan. 21
Listing:	Hong Kong
Distribution:	Regulation S
ISIN:	XS2428439918

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