New Issue: China’s Yibin Grace issues RMB 483 million 3.9% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., Dec. 12 – Yibin Grace Group Co., Ltd. issued RMB 483 million of 3.9% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.

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

Central Wealth Securities Investment Ltd., China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, CNI Securities Group Ltd., ABC International, CCB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, CEB International, ICBC (Asia), China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), CNCB Capital, Guosen Securities (HK), Citic Securities, SunRiver International Securities Group Ltd. and Founder Securities (Hong Kong) are the joint lead managers and joint bookrunners for the Regulation S offering, with Central Wealth, China Securities, Shanghai Pudong, CNI, ABC, CCB and Hua Xia also serving as joint global coordinators.

Proceeds will be used to refinance existing offshore debt, for project development and to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 12.

Located and operating in Yibin, a prefecture-level city in China’s Sichuan Basin, the issuer is a producer of viscose fiber, threads, filaments and white rayon yarn with other businesses involved in liquor, real estate, construction and other trading.

Issuer:	Yibin Grace Group Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Yibin Branch
Amount:	RMB 483 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 11, 2026
Bookrunners:	Central Wealth Securities Investment Ltd., China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, CNI Securities Group Ltd., ABC International, CCB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, CEB International, ICBC (Asia), China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), CNCB Capital, Guosen Securities (HK), Citic Securities, SunRiver International Securities Group Ltd. and Founder Securities (Hong Kong)
Trustee:	CMB Wing Lung (Trustee) Ltd.
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:	Dec. 4
Issue date:	Dec. 11
Listing date:	Dec. 12
Distribution:	Regulation S
ISIN:	HK0000963063

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