New Issue: Shaanxi Yushen prices RMB 700 million 4.68% credit-enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Dec. 14 – China’s Shaanxi Yushen Energy Development and Construction Group Co., Ltd. sold RMB 700 million of 4.68% credit-enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.

The notes come with the benefit of an irrevocable standby letter of credit issued by Bank of Xi’an Co., Ltd.

Dingxin (Securities) Ltd., TF International, Zheshang International, Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Citic Bank International, Huatai International, Raising International Securities Ltd., Zhongtai International, Shenwan Hongyuan (H.K.) and CNCB Capital are the joint lead managers and joint bookrunners for the offering, with Dingxin, TF and Zheshang also serving as joint global coordinators.

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

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 14.

The issuer is the main infrastructure construction entity within the Yushen Industrial Zone and is a large state-owned enterprise directly wholly owned by Yushen Management Committee.

Issuer:	Shaanxi Yushen Energy Development and Construction Group Co., Ltd.
LoC issuer:	Bank of Xi’an Co., Ltd.
Amount:	RMB 700 million
Issue:	Credit-enhanced bonds
Maturity:	Dec. 13, 2026
Bookrunners:	Dingxin (Securities) Ltd., TF International, Zheshang International, Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Citic Bank International, Huatai International, Raising International Securities Ltd., Zhongtai International, Shenwan Hongyuan (H.K.) and CNCB Capital
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jun He Law Offices (England), Tiantai Law Firm (China)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England), Beijing DeHeng Law Offices (China)
Coupon:	4.68%
Price:	Par
Yield:	4.68%
Call:	Non-callable
Change of control:	At par
Pricing date:	Dec. 6
Issue date:	Dec. 13
Listing date:	Dec. 14
Distribution:	Regulation S
ISIN:	HK0000971736

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