New Issue: China’s Pingtan sells RMB 200 million 5.1% credit enhanced bonds due 2026 at 99.944

By William Gullotti

Buffalo, N.Y., Jan. 4 – Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd. sold RMB 200 million of 5.1% credit enhanced bonds due 2026 at 99.944, according to a listing notice with an appended offering circular on Thursday.

The bonds have the benefit of an irrevocable standby letter of credit issued by Xiamen International Bank Co., Ltd., Fuzhou Branch.

China Industrial Securities International, Guotai Junan International, Luso Bank Ltd., Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, Huafu International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with China Industrial, Guotai Junan and Luso also serving as joint global coordinators.

Proceeds will be used for project construction and as supplemental working capital.

The Regulation S bonds are expected to be listed on the Stock Exchange of Hong Kong effective Jan. 4.

The issuer is a comprehensive state-owned assets investment company involved in infrastructure construction, municipal sanitation maintenance, supply chain trading, logistics and transportation, leasing, property management and investment real estate disposal.

Issuer:	Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd.
LoC issuer:	Xiamen International Bank Co., Ltd., Fuzhou Branch
Amount:	RMB 200 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 22, 2026
Bookrunners:	China Industrial Securities International, Guotai Junan International, Luso Bank Ltd., Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, Huafu International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jun He Law Offices (England, Hong Kong), Beijing Dacheng Law Offices, LLP (Fuzhou) (China)
Counsel to underwriters:	Jingtian & Gongcheng LLP (England, Hong Kong), Beijing Yingke Law Firm Fuzhou Office (China)
Coupon:	5.1%
Price:	99.944
Call:	For taxation reasons at par
Puts:	At par for a change-of-control or no registration event
Pricing date:	Dec. 22
Issue date:	Jan. 3
Listing date:	Jan. 4
Distribution:	Regulation S
ISIN:	XS2736390126

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