By William Gullotti
Buffalo, N.Y., Jan. 17 – China’s Yiyang Heshan District Development Group Co., Ltd. sold RMB 725 million of 4.8% credit-enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The bonds benefit from an irrevocable standby letter of credit provided by Bank of Changsha Co., Ltd.
China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, Shenwan Hongyuan (H.K.) and CMBC Capital are the joint lead managers and joint bookrunners for the offering, with China Industrial as global coordinator.
Proceeds will be used for project construction.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Jan. 17.
The issuer is a state-owned enterprise in Heshan District, Yiyang, Hunan Province. Businesses primarily include infrastructure construction and property leasing.
| Issuer: | Yiyang Heshan District Development Group Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Amount: | RMB 725 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Jan. 16, 2026
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| Bookrunners: | China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, Shenwan Hongyuan (H.K.) and CMBC Capital
|
| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Jun He Law Offices (England, Hong Kong), Beijing Dacheng Law Offices, LLP (China)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call: | For taxation reasons at par
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| Change of control: | At par
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| Pricing date: | Jan. 11
|
| Issue date: | Jan. 16
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| Listing date: | Jan. 17
|
| Distribution: | Regulation S
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