New Issue: China’s Yizheng Chengfa Overseas issues RMB 505 million 3.98% credit-enhanced bonds

Chicago, Nov. 17 – Yizheng Chengfa Overseas Co., Ltd. issued RMB 505 million of 3.98% credit-enhanced bonds due 2026 at par, according to an offering circular.

The Regulation S bonds have the benefit of a keepwell deed provided by parent company Yizheng City State-owned Assets Investment Development (Group) Co., Ltd. and further supported by an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd. Yangzhou Branch.

Orient Securities (Hong Kong) and Fosun International Securities were joint global coordinators.

They were joined by CEB International, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Initial Capital Securities, China Industrial Securities International, CMB International, CNCB Capital, Citic Securities, Bank of Communications and GLAM Capital Ltd. as joint lead managers and joint bookrunners.

The issuer is a special purpose financing entity incorporated in the British Virgin Islands in February 2022 and an indirect, wholly owned subsidiary of the guarantor. The guarantor is the core municipal infrastructure construction and comprehensive state-owned assets operating entity of the Yizheng Municipal Government, primarily engaging in land development, agent construction, project construction and housing sales.

Issuer:	Yizheng Chengfa Overseas Co., Ltd.
Keepwell:	Yizheng City State-owned Assets Investment Development (Group) Co., Ltd.
LoC issuer:	Bank of Jiangsu Co., Ltd. Yangzhou Branch
Amount:	RMB 505 million
Issue:	Credit-enhanced bonds
Maturity:	Nov. 16, 2026
Bookrunners:	Orient Securities (Hong Kong), Fosun International Securities (joint global coordinators), CEB International, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Initial Capital Securities, China Industrial Securities International, CMB International, CNCB Capital, Citic Securities, Bank of Communications and GLAM Capital Ltd.
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to underwriters:	Fangda Partners, Jingtian & Gongcheng and Ogier
Coupon:	3.98%
Price:	Par
Yield:	3.98%
Change of control:	At par
Trade date:	Nov. 9
Settlement date:	Nov. 16
Distribution:	Regulation S
ISIN:	HK0000963931

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