New Issue: China’s Yancheng prices RMB 385 million 3.85% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., Dec. 12 – Yancheng State-Owned Energy Investment Co., Ltd. sold RMB 385 million of 3.85% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds are supported by an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Nanjing Branch.

China International Capital Corp., Citic Securities, Shenwan Hongyuan (H.K.), Dingxin (Securities) Ltd., CEB International, China Citic Bank International, China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, JQ Securities, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International are the joint lead managers and joint bookrunners for the Regulation S offering, with China International Capital, Citic Securities, Shenwan Hongyuan and Dinxin also serving as joint global coordinators.

Proceeds will be used for project development and to replenish working capital.

Listing for the bonds is expected on the Hong Kong Exchange effective Dec. 12.

The issuer is an infrastructure financing and construction investment enterprise in Yancheng City of China’s Jiangsu Province.

Issuer:	Yancheng State-Owned Energy Investment Co., Ltd.
LoC issuer:	Bank of Beijing Co., Ltd., Nanjing Branch
Amount:	RMB 385 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 11, 2026
Bookrunners:	China International Capital Corp., Citic Securities, Shenwan Hongyuan (H.K.), Dingxin (Securities) Ltd., CEB International, China Citic Bank International, China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, JQ Securities, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong, China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Beijing Dacheng Law Offices, LLP (China)
Coupon:	3.85%
Price:	Par
Yield:	3.85%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or no registration event
Pricing date:	Dec. 4
Issue date:	Dec. 11
Listing date:	Dec. 12
Distribution:	Regulation S
ISIN:	HK0000971488

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