New Issue: China’s Shaoxing Shangyu prices $300 million 5.6% sustainable notes due 2027 at par

By William Gullotti

Buffalo, N.Y., Jan. 31 – Shaoxing Shangyu State-Owned Capital Investment and Operation Co., Ltd. priced $300 million of 5.6% sustainable notes due 2027 (//BBB-) at par, according to a listing notice with an appended offering circular on Wednesday.

China International Capital Corp., Bank of China, Bocom International, Haitong International, BOSC International, China Galaxy International, China Securities International, Citic Securities, CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) and SPDB International are the joint lead managers and joint bookrunners for the deal, with China International, Bank of China, Bocom and Haitong also acting as joint global coordinators.

China International and Bocom are further serving as joint sustainability structuring advisers.

Proceeds will be used to refinance existing debt, as well as finance and/or refinance eligible projects, in accordance with the company’s sustainability finance framework.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Jan. 31.

Located within Shaoxing, China, the government-related entity provides infrastructure construction services.

Issuer:	Shaoxing Shangyu State-Owned Capital Investment and Operation Co., Ltd.
Amount:	$300 million
Issue:	Sustainable notes
Maturity:	Jan. 30, 2027
Bookrunners:	China International Capital Corp., Bank of China, Bocom International, Haitong International, BOSC International, China Galaxy International, China Securities International, Citic Securities, CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) and SPDB International
Sustainability advisers:	China International Capital Corp. Bocom International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Latham & Watkins LLP (England), Zhejiang Zuoyou Law Firm (China)
Counsel to underwriters:	Jingtian & Gongcheng LLP (England, Hong Kong), Long An Law Firm (China)
Coupon:	5.6%
Price:	Par
Yield:	5.6%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Pricing date:	Jan. 25
Issue date:	Jan. 30
Listing date:	Jan. 31
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2734113991

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