By William Gullotti
Buffalo, N.Y., July 25 – China’s Mengcheng Development Zone Xingmeng Investment Co., Ltd. announced it priced RMB 670 million 3.58% credit enhanced bonds due 2026 (A1) at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch.
According to Moody’s Investors Service, Industrial and Commercial Bank of China’s long-term counterparty risk assessment is A1(cr), which is the basis for the A1 rating on the bonds.
TF International, ICBC International and China Citic Bank International are the joint global coordinators, joint lead managers and joint bookrunners, with ICBC (Asia) acting as an additional joint lead manager and joint bookrunner.
Shengang Securities is the PRC coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective July 25.
Wholly owned by the Mengcheng County Finance Bureau and operating in China’s Anhui Province, the issuer is involved in infrastructure construction, engineering construction, land leasing, sales of construction materials, transportation service and leasing of construction materials.
| Issuer: | Mengcheng Development Zone Xingmeng Investment Co., Ltd.
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| LoC issuer: | Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch
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| Amount: | RMB 670 million
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| Issue: | Credit enhanced bonds
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| Maturity: | July 24, 2026
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| Bookrunners: | TF International, ICBC International, China Citic Bank International, ICBC (Asia)
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| PRC coordinator: | Shengang Securities
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| Trustee: | Industrial and Commercial Bank of China (Asia) Ltd.
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England), Jingtian & Gongcheng (China)
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| Coupon: | 3.58%
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| Price: | Par
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| Yield: | 3.58%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest if a no registration event or a change of control occurs
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| Pricing date: | July 17
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| Issue date: | July 24
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| Listing date: | July 25
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| Rating: | Moody’s: A1
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| Distribution: | Regulation S
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| ISIN: | HK0000939626
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