New Issue: Yongzhou Lingling sells RMB 1.26 billion 4.4% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., Jan. 22 – Yongzhou Lingling Asset Management Co., Ltd. priced RMB 1.26 billion of 4.4% credit enhanced bonds due 2027 at par, according to multiple listing documents on Monday.

The Regulation S bonds are supported by an irrevocable standby letter of credit provided by Bank of Changsha Co., Ltd.

Zheshang International, Shanghai Pudong Development Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Guotai Junan International, Huatai International, RIME Capital, China Industrial Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Raising International Securities Ltd., Shenwan Hongyuan (H.K.), Sigma Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Wilson Securities and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Zheshang also serving as global coordinator.

Proceeds will be used for project development and replenishing working capital.

Listings for the bonds are expected on the Hong Kong Exchange and the Chongwa (Macao) Exchange effective Jan. 22.

Located, owned and operating in Yongzhou City of China’s Hunan Province, the issuer is a state-owned asset management and operating platform involved in infrastructure construction, development and management.

Issuer:	Yongzhou Lingling Asset Management Co., Ltd.
LoC issuer:	Bank of Changsha Co., Ltd.
Amount:	RMB 1.26 billion
Issue:	Credit enhanced bonds
Maturity:	Jan. 19, 2027
Bookrunners:	Zheshang International, Shanghai Pudong Development Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Guotai Junan International, Huatai International, RIME Capital, China Industrial Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Raising International Securities Ltd., Shenwan Hongyuan (H.K.), Sigma Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Wilson Securities and Industrial Bank Co., Ltd., Hong Kong Branch
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Hunan Tuchun Law Firm (China)
Counsel to underwriters:	Morgan, Lewis & Bockius (England, Hong Kong), Jiangsu Sun Wu Law Firm (China)
Coupon:	4.4%
Price:	Par
Yield:	4.4%
Call:	For taxation reasons at par plus interest
Puts:	At par for a change of control or no registration event
Pricing date:	Jan. 12
Issue date:	Jan. 19
Listing date:	Jan. 22
Distribution:	Regulation S
ISIN:	HK0000979499

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