New Issue: Deyang Development prices RMB 550 million 4.8% notes due 2026 at par

By William Gullotti

Buffalo, N.Y., March 21 – China’s Deyang Development Holding Group Co., Ltd. priced RMB 550 million of 4.8% notes due 2026 (//BBB-) at par, according to a listing notice and an offering circular on Tuesday.

Guotai Junan International, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Guolian Securities International and Huatai International are the joint lead managers and joint bookrunners for the offering.

Guotai, CEB and China Minsheng are also the joint global coordinators, with CEB and Guotai also acting as joint sustainability structure advisors.

Proceeds will be used to replenish working capital and for project construction in accordance with the company’s sustainable finance framework.

Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective March 21.

Based in Deyang City of China’s Sichuan Province, the issuer is engaged in infrastructure construction, municipal services, commodity trading and other businesses.

Issuer:	Deyang Development Holding Group Co., Ltd.
Issue:	Notes
Amount:	RMB 550 million
Maturity:	March 20, 2026
Bookrunners:	Guotai Junan International, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Guolian Securities International and Huatai International
Sustainability structure advisors:	CEB International, Guotai Junan International
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
Counsel to issuer:	Linklaters (England), Jingtian & Gongcheng LLP (China)
Counsel to underwriters:	Clifford Chance (England), Beijing DeHeng Law Offices (China)
Coupon:	4.8%
Price:	Par
Yield:	4.8%
Call:	For taxation reasons at par plus interest
Change-of-control put:	At 101 plus interest
Pricing date:	March 15
Issue date:	March 20
Listing date:	March 21
Rating:	Fitch: BBB-
Distribution:	Regulation S

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