By William Gullotti
Buffalo, N.Y., July 3 – China’s Chongqing Chijia Tourism Culture Creative Development Group Co., Ltd. priced RMB 188 million of 4.2% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Chongqing Rural Commercial Bank Co., Ltd.
AMC Wanhai Securities, CNCB Capital, Bocom International, China Zheshang Bank Co., Ltd., (Hong Kong Branch), ABC International, Shanghai Pudong Development Bank Hong Kong Branch and CMBC Capital are the joint lead managers and joint bookrunners for the offering, with AMC, CNCB and Bocom also acting as joint global coordinators.
Proceeds will be used for project construction and supplementing working capital.
The bonds are expected to be listed on the Chongwa (Macao) Exchange effective July 3.
The issuer is a state-owned municipal entity involved in multiple areas, including agent construction business, cultural tourism business, sales of navel oranges and corrugated boxes for navel oranges, leasing and other businesses.
| Issuer: | Chongqing Chijia Tourism Culture Creative Development Group Co., Ltd.
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| LoC issuer: | Chongqing Rural Commercial Bank Co., Ltd.
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| Amount: | RMB 188 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 30, 2026
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| Bookrunners: | AMC Wanhai Securities, CNCB Capital, Bocom International, China Zheshang Bank Co., Ltd., (Hong Kong Branch), ABC International, Shanghai Pudong Development Bank Hong Kong Branch and CMBC Capital
|
| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Dentons Law Offices (Chongqing) (China)
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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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 27
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| Issue date: | June 30
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| Listing date: | July 3
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| Distribution: | Regulation S
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| ISIN: | XS2644758133
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