New Issue: Mianyang Science sells RMB 770 million 4.6% credit-enhanced bonds due 2027

Chicago, Feb. 5 – China’s Mianyang Science & Technology City Development & Investment (Group) Co., Ltd. sold RMB 770 million of 4.6% credit-enhanced bonds due 2027, according to an offering circular.

Pricing came at par.

The bonds are supported by an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Chengdu Branch.

GF Securities (Hong Kong) Brokerage Ltd., Orient Securities (Hong Kong) Ltd. and Haitong International Securities Co. Ltd. were the joint global coordinators, joint lead managers and joint bookrunners.

Industrial Bank Co., Ltd. Hong Kong Branch, Hua Xia Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai Financial Holdings (Hong Kong) Ltd. and Carnegie Hill Capital Partners Ltd. joined as joint lead managers and joint bookrunners.

Proceeds will be used for the group’s project operation and working capital replenishment.

Based and operating in Mianyang City of China’s Sichuan Province, the group is involved in land development, infrastructure construction, real estate, industrial product sales, trading and natural gas sales and installation.

Issuer:	Mianyang Science & Technology City Development & Investment (Group) Co., Ltd.
LoC issuer:	China Bohai Bank Co., Ltd., Chengdu Branch
Amount:	RMB 770 million
Issue:	Credit-enhanced bonds
Maturity:	Feb. 2, 2027
Bookrunners:	GF Securities (Hong Kong) Brokerage Ltd., Orient Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd. (joint global coordinators), Industrial Bank Co., Ltd. Hong Kong Branch, Hua Xia Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai Financial Holdings (Hong Kong) Ltd. and Carnegie Hill Capital Partners Ltd.
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Ashurst Hong Kong (England, Hong Kong), Beijing DeHeng Law Offices (China)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	4.6%
Price:	Par
Yield:	4.6%
Change of control:	At par
Trade date:	Jan. 29
Settlement date:	Feb. 2
Distribution:	Regulation S
ISIN:	HK0000987765

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