New Issue: China’s Yancheng prices RMB 140 million 3.3% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., March 28 – Yancheng State-Owned Energy Investment Co., Ltd. sold RMB 140 million of 3.3% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.

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

China International Capital Corp., Citic Securities, Shenwan Hongyuan (H.K.), Dingxin (Securities) Ltd., Caitong International, CEB International, China Securities International, CMB International, Guotai Junan International, Haitong International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with China International Capital, Citic, 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 Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 28.

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 Jiangsu Co., Ltd., Yancheng Branch
Amount:	RMB 140 million
Issue:	Credit enhanced bonds
Maturity:	March 27, 2027
Bookrunners:	China International Capital Corp., Citic Securities, Shenwan Hongyuan (H.K.), Dingxin (Securities) Ltd., Caitong International, CEB International, China Securities International, CMB International, Guotai Junan International, Haitong International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
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:	3.3%
Price:	Par
Yield:	3.3%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or no registration event
Pricing date:	March 20
Issue date:	March 27
Listing date:	March 28
Distribution:	Regulation S
ISIN:	HK0001001400

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