New Issue: China’s Chengdu Xiangcheng prices RMB 1.56 billion 4.8% bonds due 2026

By William Gullotti

Buffalo, N.Y., Oct. 16 – Chengdu Xiangcheng Investment Group Co., Ltd. sold RMB 1.56 billion of 4.8% bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

Essence International, Haitong Bank, Macau Branch, BOSC International, CNCB Capital, China Citic Bank International, CEB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, SPDB International, Shanghai Pudong Development Bank Hong Kong Branch, Zheshang International, Alpha International Securities, Citic Securities, Founder Securities (Hong Kong), Shenwan Hongyuan (H.K.), Sinolink Securities and (HK) Wilson Securities are the joint lead managers and joint bookrunners, with Essence and Haitong Bank also acting as joint global coordinators.

Proceeds will be used to refinance medium- to long-term offshore bonds maturing within one year.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Oct. 16.

The issuer is the major infrastructure investment, construction and operation entity in the Xindu District of China’s Chengdu City.

Issuer:	Chengdu Xiangcheng Investment Group Co., Ltd.
Amount:	RMB 1.56 billion
Issue:	Bonds
Maturity:	Oct. 13, 2026
Bookrunners:	Essence International, Haitong Bank, Macau Branch, BOSC International, CNCB Capital, China Citic Bank International, CEB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, SPDB International, Shanghai Pudong Development Bank Hong Kong Branch, Zheshang International, Alpha International Securities, Citic Securities, Founder Securities (Hong Kong), Shenwan Hongyuan (H.K.), Sinolink Securities and (HK) Wilson Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Gallant (with Meritas Member Firm) (England, Hong Kong), Beijing Huicheng (Chengdu) Law Firm (China)
Counsel to underwriters:	Herbert Smith Freehills (England, Hong Kong), Sichuan Fangzhouda Law Firm (China)
Coupon:	4.8%
Price:	Par
Yield:	4.8%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no-registration event
Pricing date:	Sept. 28
Issue date:	Oct. 13
Listing date:	Oct. 16
Distribution:	Regulation S
ISIN:	HK0000957982

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