New Issue: CNCB Investment unit prices $500 million 1¾% bonds due 2024 at 99.892

By William Gullotti

Buffalo, N.Y., Nov. 18 – Cncbinv 1 (BVI) Ltd., a wholly owned subsidiary of CNCB Investment, priced $500 million of 1¾% guaranteed bonds due 2024 (BBB), according to a listing notice with an appended offering circular on Thursday.

The bonds will be guaranteed by a branch of the parent company, CNCB (Hong Kong) Investment Ltd.

The bonds can only be redeemed early for taxation reasons at par plus interest.

CNCB Capital, China Citic Bank International, Bank of China, Bank of Communications, Bocom International, China Construction Bank (Asia), China Everbright Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities and Shanghai Pudong Development Bank Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Also serving as joint lead managers and joint bookrunners are ABC International, BNP Paribas, BOSC International, CCB International, CEB International, Central Wealth Securities Investment Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd., China Industrial Securities International, China International Capital Corp., China Merchants Securities (HK), China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CLSA, CMBC Capital, CMB International, CMB Wing Lung Bank Ltd., Dongxing Securities (Hong Kong), GF Securities, Guotai Junan International, Haitong International, HSBC, Nanyang Commercial Bank, Natixis, SMBC Nikko, SPDB International, Standard Chartered Bank, TF International and UBS.

Proceeds will be used for general corporate purposes and refinancing.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Nov. 18.

Based in Hong Kong, CNCB provides investment services and is a subsidiary of China Citic Bank Corp. Ltd.

Issuer:	Cncbinv 1 (BVI) Ltd.
Guarantor:	CNCB (Hong Kong) Investment Ltd.
Amount:	$500 million
Issue:	Guaranteed bonds
Maturity:	Nov. 17, 2024
Bookrunners:	CNCB Capital, China Citic Bank International, Bank of China, Bank of Communications, Bocom International, China Construction Bank (Asia), China Everbright Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho Securities, Shanghai Pudong Development Bank Hong Kong Branch, ABC International, BNP Paribas, BOSC International, CCB International, CEB International, Central Wealth Securities Investment Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd., China Industrial Securities International, China International Capital Corp., China Merchants Securities (HK), China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CLSA, CMBC Capital, CMB International, CMB Wing Lung Bank Ltd., Dongxing Securities (Hong Kong), GF Securities, Guotai Junan International, Haitong International, HSBC, Nanyang Commercial Bank, Natixis, SMBC Nikko, SPDB International, Standard Chartered Bank, TF International and UBS
Counsel to issuer:	Clifford Chance (English), JunHe LLP (China), Walkers (Hong Kong) (BVI)
Counsel to bookrunners:	Latham & Watkins LLP (English), DeHeng Law Offices (China)
Coupon:	1¾%
Price:	99.892
Call option:	For taxation reasons in whole, but not in part, at par plus interest
Change of control:	At 101 plus interest
Pricing date:	Nov. 9
Issue date:	Nov. 17
Listing date:	Nov. 18
Rating:	S&P: BBB
Distribution:	Regulation S
ISIN:	XS2400120650

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