New Issue: China’s Nan’an Development prices RMB 650 million 4½% bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 26 – Nan’an Development Investment Group Co., Ltd. sold RMB 650 million of 4½% bonds due 2027 at par, according to a listing notice and an offering circular on Friday.

Fortune Origin Securities, Industrial Bank Co., Ltd., Hong Kong Branch, China Securities International, Bank of China, Citic Securities, China International Capital Corp., China Galaxy International, Guotai Junan International, Huafu International, Huatai International, China Industrial Securities International, Zheshang International, Shenwan Hongyuan (H.K.), CMBC Capital, CEB International and Huijin Securities are the joint lead managers and joint bookrunners for the Regulation S offering, with Fortune Origin, Industrial Bank, China Securities and Bank of China also serving as joint global coordinators.

Proceeds will be used to finance infrastructure construction projects and to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective April 26.

Based and operating in Nan’an, China, the issuer is focused on trading, infrastructure construction and tap water sales.

Issuer:	Nan’an Development Investment Group Co., Ltd.
Amount:	RMB 650 million
Issue:	Bonds
Maturity:	April 25, 2027
Bookrunners:	Fortune Origin Securities, Industrial Bank Co., Ltd., Hong Kong Branch, China Securities International, Bank of China, Citic Securities, China International Capital Corp., China Galaxy International, Guotai Junan International, Huafu International, Huatai International, China Industrial Securities International, Zheshang International, Shenwan Hongyuan (H.K.), CMBC Capital, CEB International and Huijin Securities
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Paul Hastings (England, Hong Kong), Yingke Law Firm (China)
Counsel to underwriters:	K&L Gates (England, Hong Kong), Grandall Law Firm (China)
Coupon:	4½%
Price:	Par
Yield:	4½%
Call:	For taxation reasons at par
Puts:	At par for a change of control or non-registration event
Pricing date:	April 18
Issue date:	April 25
Listing date:	April 26
Distribution:	Regulation S
ISIN:	HK0000987617

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