By William Gullotti
Buffalo, N.Y., June 16 – Yili Caitong State Owned Assets Management Co., Ltd. announced it priced RMB 89 million 3.6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Ltd., Ili Kazakh Autonomous Prefecture Branch.
Carnegie Hill Capital Partners Ltd., Citic Securities, Guotai Junan International and Bocom International are the joint lead managers and joint bookrunners, with Carnegie Hill and Citic also acting as joint global coordinators.
Proceeds will be used for project financing.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective June 16.
The state-owned issuer is one of the primary entities involved with the development and construction of urban infrastructure in Yili Kazakh Autonomous Prefecture, as well as managing the related assets.
| Issuer: | Yili Caitong State Owned Assets Management Co., Ltd.
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| LoC issuer: | Postal Savings Bank of China Ltd., Ili Kazakh Autonomous Prefecture Branch
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| Amount: | RMB 89 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 15, 2026
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| Bookrunners: | Carnegie Hill Capital Partners Ltd., Citic Securities, Guotai Junan International and Bocom International
|
| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | Deacons (England), Beijing Yingke Law Firm Urumqi Office (China)
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| Counsel to underwriters: | Linklaters (England), Tahota Law Firm Chongqing Office (China)
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| Coupon: | 3.6%
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| Price: | Par
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| Yield: | 3.6%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | June 9
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| Issue date: | June 15
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| Listing date: | June 16
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| Distribution: | Regulation S
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