New Issue: China’s Haining City sells RMB 1.7 billion 4.3% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., March 13 – Haining City Development Investment Group Co., Ltd. priced RMB 1.7 billion of 4.3% bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

China Industrial Securities International, China International Capital Corp., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bocom International, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital and China Securities International are the joint lead managers and joint bookrunners for the offering, with China Industrial, China International Capital, BOSC and Industrial Bank also acting as joint global coordinators.

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

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 13.

The issuer provides city infrastructure construction, land consolidation and other services.

Issuer:	Haining City Development Investment Group Co., Ltd.
Amount:	RMB 1.7 billion
Issue:	Bonds
Maturity:	March 10, 2026
Bookrunners:	China Industrial Securities International, China International Capital Corp., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bocom International, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital and China Securities International
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal agent, transfer agent and registrar)
Counsel to issuer:	Fangda Partners (England), Zhejiang Z&J Law Firm (China)
Counsel to underwriters:	King & Wood Mallesons (England), Beijing Dacheng Law Offices, LLP (China)
Coupon:	4.3%
Price:	Par
Yield:	4.3%
Call:	At par for taxation reasons
Change-of-control put:	At 101 plus interest
Pricing date:	March 7
Issue date:	March 10
Listing date:	March 13
Distribution:	Regulation S

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