By William Gullotti
Buffalo, N.Y., June 29 – China’s Chuang Zhi Rong Tong International Investment (BVI) Co., Ltd. sold RMB 1.1 billion 4.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The Regulation S bonds feature the benefit of a keepwell deed provided by parent company Qingdao Laoshan Science and Technology Innovation Development Group Co., Ltd. and are supported by an irrevocable standby letter of credit issued by Bank of Qingdao Co., Ltd.
Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and CMBC Capital are the joint lead managers and joint bookrunners, with Orient also acting as global coordinator.
Proceeds will be used for project construction and supplementing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective June 29.
The issuer is a wholly owned subsidiary of the keepwell provider, incorporated in the British Virgin Islands on May 17. The keepwell provider operates in Laoshan District of China’s Qingdao Province, engaging in businesses that include property leasing, park development, commercial trading, utility services, hotel services, cloud computing and industrial development.
| Issuer: | Chuang Zhi Rong Tong International Investment (BVI) Co., Ltd.
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| Keepwell provider: | Qingdao Laoshan Science and Technology Innovation Development Group Co., Ltd.
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| LoC issuer: | Bank of Qingdao Co., Ltd.
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| Amount: | RMB 1.1 billion
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| Issue: | Credit enhanced bonds
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| Maturity: | June 28, 2026
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| Bookrunners: | Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and CMBC Capital
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (England), Hylands Law Firm (China), Ogier (BVI)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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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: | June 26
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| Issue date: | June 28
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| Listing date: | June 29
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| Distribution: | Regulation S
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| ISIN: | XS2644224938
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