New Issue: China’s Yibin Grace prices RMB 336 million 3.6% credit-enhanced bonds due 2027

By William Gullotti

Buffalo, N.Y., Feb. 7 – Yibin Grace Group Co., Ltd. issued RMB 336 million of 3.6% credit-enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Wednesday.

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., CNI Securities Group Ltd., China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, ABC International, Founder Securities (Hong Kong), CNCB Capital, CCB International and Huatai International are the joint lead managers and joint bookrunners for the Regulation S offering, with Central Wealth, CNI and China Securities 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 Feb. 7.

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 336 million
Issue:	Credit-enhanced bonds
Maturity:	Feb. 6, 2027
Bookrunners:	Central Wealth Securities Investment Ltd., CNI Securities Group Ltd., China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, ABC International, Founder Securities (Hong Kong), CNCB Capital, CCB International and Huatai International
Trustee:	CMB Wing Lung (Trustee) Ltd.
Coupon:	3.6%
Price:	Par
Yield:	3.6%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or non-registration event
Pricing date:	Jan. 30
Issue date:	Feb. 6
Listing date:	Feb. 7
Distribution:	Regulation S
ISIN:	HK0000979770

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