By William Gullotti
Buffalo, N.Y., March 31 – Shiyan Juxin Urban and Rural Construction Development Investment Group Co., Ltd. priced RMB 410 million 4.85% credit-enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Hubei Bank Corp., Ltd.
Fosun International Securities, Citic Securities, Orient Securities (Hong Kong), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, Haitong Bank and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Fosun also acting as global coordinator.
Proceeds from the offering will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 31.
Based in Shiyan City of China’s Hubei Province, the issuer is a state-owned platform focused on infrastructure construction, engineering construction and land development.
| Issuer: | Shiyan Juxin Urban and Rural Construction Development Investment Group Co., Ltd.
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| LoC issuer: | Hubei Bank Corp., Ltd.
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| Amount: | RMB 410 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | March 30, 2026
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| Bookrunners: | Fosun International Securities, Citic Securities, Orient Securities (Hong Kong), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, Haitong Bank and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.85%
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| Price: | Par
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| Yield: | 4.85%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | March 24
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| Issue date: | March 30
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| Listing date: | March 31
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| Distribution: | Regulation S
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