New Issue: Dongtai Chengxing prices €37 million 4.6% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., March 6 – China’s Dongtai Chengxing Investment Development Co., Ltd. priced €37 million of 4.6% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Monday.

The bonds feature the benefit of an irrevocable standby letter of credit from Bank of Jiangsu Co., Ltd., Yancheng Branch.

Sinolink HK, SunRiver International Securities, Central Wealth Securities Investment Ltd., China Galaxy International, Guotai Junan International, Citic Securities, Shenwan Hongyuan (H.K.), Shanghai Pudong Development Bank Hong Kong Branch, GF Securities and Tensant Securities are the joint lead managers and joint bookrunners for the offering, with Sinolink, SunRiver, Central Wealth, China Galaxy and Guotai also acting as joint global coordinators.

Proceeds will be used for project financing and supplementing working capital.

The Regulation S bonds are expected to be listed on the Hong Kong Exchange.

The company is a state-owned entity responsible for land development and consolidation, infrastructure construction, as well as supporting facilities development in Gaoxin District of China’s Dongtai City.

Issuer:	Dongtai Chengxing Investment Development Co., Ltd.
LoC issuer:	Bank of Jiangsu Co., Ltd., Yancheng Branch
Amount:	€37 million
Issue:	Credit enhanced bonds
Maturity:	March 3, 2026
Bookrunners:	Sinolink HK, SunRiver International Securities, Central Wealth Securities Investment Ltd., China Galaxy International, Guotai Junan International, Citic Securities, Shenwan Hongyuan (H.K.), Shanghai Pudong Development Bank Hong Kong Branch, GF Securities and Tensant Securities
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Jiangsu Fenglu Law Firm (China)
Counsel to underwriters:	Chungs Lawyers in association with DeHeng Law Offices (England, Hong Kong), Shandong Ehen Law Firm (China)
Coupon:	4.6%
Price:	Par
Yield:	4.6%
Call option:	For taxation reasons at par
Change-of-control put:	At par
Pricing date:	Feb. 24
Issue date:	March 3
Distribution:	Regulation S
ISIN:	XS2586990090

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