By William Gullotti
Buffalo, N.Y., April 12 – China’s Fuzhou Dongxiang Municipal Engineering Co., Ltd. priced RMB 328 million of 4.9% credit enhanced bonds due 2025 at par, according to a listing notice and an offering circular on Wednesday.
The bonds have the benefit of an irrevocable standby letter of credit provided by Bank of Jiujiang Co., Ltd.
Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities and Donghai International are the joint lead managers and joint bookrunners for the offering, with Fosun also acting as sole global coordinator.
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 April 12.
The issuer is based in Fuzhou City of China’s Jiangxi Province and involved in infrastructure construction and city operation.
| Issuer: | Fuzhou Dongxiang Municipal Engineering Co., Ltd.
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| LoC issuer: | Bank of Jiujiang Co., Ltd.
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| Amount: | RMB 328 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Oct. 11, 2025
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| Bookrunners: | Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities and Donghai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (England), Jingtian & Gongcheng (China)
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| Coupon: | 4.9%
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| Price: | Par
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| Yield: | 4.9%
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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: | April 3
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| Issue date: | April 11
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| Listing date: | April 12
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| Distribution: | Regulation S
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