New Issue: Xianju Urban prices RMB 778 million 3.7% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., May 30 – China’s Xianju Urban Construction & Development Group Co., Ltd. priced RMB 778 million of 3.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular published on Monday.

The bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd.

Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zhongtai International, CNCB Capital, Fosun International Securities, Luso Bank Ltd. and Carlyon Securities are the joint lead managers and joint bookrunners for the offering, with Orient also acting as global coordinator.

Proceeds will be used to fund certain resettlement housing and construction projects and for replenishing working capital.

Listing for the Regulation S bonds became effective on the Chongwa (Macao) Exchange on May 29.

The Xianju-based state-owned entity is involved in infrastructure construction, resettlement housing, land consolidation, water supply, hydropower generation, sand and gravel sales, waste disposal, security services and other businesses.

Issuer:	Xianju Urban Construction & Development Group Co., Ltd.
LoC issuer:	Bank of Hangzhou Co., Ltd.
Amount:	RMB 778 million
Issue:	Credit enhanced bonds
Maturity:	May 25, 2026
Bookrunners:	Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zhongtai International, CNCB Capital, Fosun International Securities, Luso Bank Ltd. and Carlyon Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jingtian & Gongcheng LLP (England), Zhejiang New Taizhou Law Firm (China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Grandall Law Firm (Hangzhou) (China)
Coupon:	3.7%
Price:	Par
Yield:	3.7%
Call:	At par plus interest for taxation reasons
Change of control:	At par plus interest
Pricing date:	May 18
Settlement date:	May 25
Listing date:	May 29
Distribution:	Regulation S

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