New Issue: Huangshi Urban Development issues RMB 369.68 million 3.9% credit enhanced bonds

By William Gullotti

Buffalo, N.Y., Dec. 11 – China’s Huangshi Urban Development Investment Group Co., Ltd. issued RMB 369.68 million of 3.9% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

The bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Huangshi Branch.

Guosen Securities (HK), Citic Securities, JA Securities, Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Essence International, JQ Securities, Donghai International, China Galaxy International, CNCB Capital and Guotai Junan International are the joint lead managers and joint bookrunners for the Regulation S offering, with Guosen acting as sole global coordinator.

Proceeds will be used to replenish working capital.

Listing for the notes is expected on the Chongwa (Macao) Exchange effective Dec. 11.

Wholly owned by the Huangshi Municipal Government, the issuer is an investment and financing platform involved in primary land development, medical services, public transportation and water supply/treatment.

Issuer:	Huangshi Urban Development Investment Group Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Huangshi Branch
Amount:	RMB 369.68 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 7, 2026
Bookrunners:	Guosen Securities (HK), Citic Securities, JA Securities, Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Essence International, JQ Securities, Donghai International, China Galaxy International, CNCB Capital and Guotai Junan International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Morgan Lewis & Bockius (England), Hubei Yisheng Law Firm (China)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England), Zhonglun W&D Law Firm (China)
Coupon:	3.9%
Price:	Par
Yield:	3.9%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or non-registration event
Pricing date:	Nov. 30
Issue date:	Dec. 7
Listing date:	Dec. 11
Distribution:	Regulation S
ISIN:	HK0000968419

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