New Issue: Hengyang High-tech prices RMB 480 million 3.15% credit-enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 3 – China’s Hengyang High-tech Holding Group Co., Ltd. sold RMB 480 million of 3.15% credit-enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Wednesday.

The Regulation S bonds come with the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Hengyang Branch.

CNCB Capital, Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.), Essence International, Yuexing Securities, China Citic Bank International, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital, China Galaxy International, Guotai Junan International, Haitong International, Citic Securities and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with CNCB, Dinxin and Shenwan Hongyuan further serving as joint global coordinators.

Proceeds will be used to finance the Hengyang City Green Food Industrial Park Project, the New Rural Village Leisure and Wellness Centre Construction Project and the Hengyang City National Recycling System (Phase I) – Motor Vehicle Dismantling and Recycling Facility Project.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective April 3.

Based in Hengyang City of China’s Hunan Province, the issuer is a state-owned land development and infrastructure construction entity.

Issuer:	Hengyang High-tech Holding Group Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Hengyang Branch
Amount:	RMB 480 million
Issue:	Credit-enhanced bonds
Maturity:	April 3, 2027
Bookrunners:	CNCB Capital, Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.) (joint global coordinators), Essence International, Yuexing Securities, China Citic Bank International, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital, China Galaxy International, Guotai Junan International, Haitong International, Citic Securities and Industrial Bank Co., Ltd., Hong Kong Branch
Trustee:	China Citic Bank International Ltd.
Counsel to issuer:	L&Y Law Office (in Association with China Commercial (Hong Kong) Law Firm) (England), Hunan Jin Hou Law Firm (China)
Counsel to underwriters:	Herbert Smith Freehills (England), Sino Pro Law Firm (China)
Coupon:	3.15%
Price:	Par
Yield:	3.15%
Call:	For taxation reasons at par
Change of control:	At par
Pricing date:	March 26
Issue date:	April 3
Listing date:	April 3
Distribution:	Regulation S
ISIN:	HK0000993524

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