New Issue: China’s Wuxi Taihu prices RMB 1.25 billion 3.6% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., July 20 – Wuxi Taihu New City Asset Management Co., Ltd. priced RMB 1.25 billion of 3.6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Wuxi Branch.

CNCB Capital, ABC International, Guotai Junan International, Citic Securities, Bocom International, CCB International, CEB International, China Citic Bank International, China Industrial Securities International, China International Capital Corp., China Securities International, CMBC Capital, CMB Wing Lung Bank Ltd., Essence International, GF Securities, Huatai International, ICBC International, ICBC (Macau), Industrial Bank Co., Ltd., Hong Kong Branch, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, SPDB International and SunRiver International Securities Group Ltd. are the joint lead managers and joint bookrunners for the offering, with CNCB, ABC and Guotai also acting as joint global coordinators.

In addition to acting as joint global coordinators, CNCB and Guotai are also green structuring advisers.

Postal Savings Bank of China Co., Ltd. is the PRC coordinator.

Proceeds from the offering will be used to finance eligible green projects in accordance with the company’s green finance framework, as well as for related working capital purposes.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective July 21.

Based in Wuxi of China’s Jiangsu Province, the issuer is a direct wholly owned subsidiary of the Taihu New City Group focused on property management and property leasing businesses.

Issuer:	Wuxi Taihu New City Asset Management Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Wuxi Branch
Amount:	RMB 1.25 billion
Issue:	Credit enhanced bonds
Maturity:	July 19, 2026
Bookrunners:	CNCB Capital, ABC International, Guotai Junan International, Citic Securities, Bocom International, CCB International, CEB International, China Citic Bank International, China Industrial Securities International, China International Capital Corp., China Securities International, CMBC Capital, CMB Wing Lung Bank Ltd., Essence International, GF Securities, Huatai International, ICBC International, ICBC (Macau), Industrial Bank Co., Ltd., Hong Kong Branch, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, SPDB International and SunRiver International Securities Group Ltd.
PRC coordinator:	Postal Savings Bank of China Co., Ltd.
Green structuring advisers:	Guotai Junan International, CNCB Capital
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	King & Wood Mallesons (England), JunHe LLP (China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Allbright Law Offices (China)
Coupon:	3.6%
Price:	Par
Yield:	3.6%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest for a change of control or no registration event
Pricing date:	July 12
Issue date:	July 19
Listing date:	July 20
Distribution:	Regulation S
ISIN:	XS2648499007

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