New Issue: Chongqing Xinshuangquan sells RMB 277 million 7½% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., April 29 – China’s Chongqing Xinshuangquan Urban Construction and Development Co., Ltd. (Fareast: AA+/Dagong: AA+) priced RMB 277 million of 7½% bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

Shenwan Hongyuan (H.K.), Alpine Securities, China Galaxy International, Zhongtai International, Haitong International, Shun Heng Securities, Dingxin (Securities) Ltd., Central International Securities, Tung Yat Securities Ltd., Conrad Investment, CNI Securities Group Ltd., TF International and Zheshang International are the joint lead managers and joint bookrunners for the Regulation S offering, with Shenwan Hongyuan and Alpine also acting as joint global coordinators.

Proceeds will be used for project construction.

Listing for bonds is expected on the Chongwa (Macao) Exchange effective April 29.

The issuer is a state-owned enterprise, located and operating in Dazu District, Chongqing, involved in infrastructure construction and commodity sales.

Issuer:	Chongqing Xinshuangquan Urban Construction and Development Co., Ltd.
Amount:	RMB 277 million
Issue:	Bonds
Maturity:	April 26, 2026
Bookrunners:	Shenwan Hongyuan (H.K.), Alpine Securities, China Galaxy International, Zhongtai International, Haitong International, Shun Heng Securities, Dingxin (Securities) Ltd., Central International Securities, Tung Yat Securities Ltd., Conrad Investment, CNI Securities Group Ltd., TF International and Zheshang International
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Jun He Law Offices (England), SGLA Law Firm (China)
Counsel to underwriters:	Zhong Lun Law Firm LLP (England, Hong Kong), Shanghai Landing (Chongqing) Law Firm (China)
Coupon:	7½%
Price:	Par
Yield:	7½%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Trade date:	April 19
Settlement date:	April 26
Listing date:	April 29
Issuer ratings:	Fareast Credit: AA+
	Dagong Global: AA+
Distribution:	Regulation S
ISIN:	HK0001007902

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