New Issue: Dongtai Chengxing prices RMB 410 million 3.65% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., April 28 – China’s Dongtai Chengxing Investment Development Co., Ltd. priced RMB 410 million of 3.65% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.

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

SunRiver International Securities, Sinolink Securities (HK), Central Wealth Securities Investment Ltd., China Galaxy International, BOSC International, Citic Securities, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Zhongtai International and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners for the offering, with SunRiver, Sinolink, Central Wealth, China Galaxy and BOSC also acting as joint global coordinators.

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

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 28.

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 Shanghai Co., Ltd., Nanjing Branch
Amount:	RMB 410 million
Issue:	Credit enhanced bonds
Maturity:	April 27, 2026
Bookrunners:	SunRiver International Securities, Sinolink Securities (HK), Central Wealth Securities Investment Ltd., China Galaxy International, BOSC International, Citic Securities, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Zhongtai International and Shenwan Hongyuan (H.K.)
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Jiangsu Fenglu Law Firm (China)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Shandong Ehen Law Firm (China)
Coupon:	3.65%
Price:	Par
Yield:	3.65%
Call option:	For taxation reasons at par
Change-of-control put:	At par
Pricing date:	April 20
Issue date:	April 27
Listing date:	April 28
Distribution:	Regulation S

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