New Issue: China’s Zoucheng Urban prices RMB 440 million of 8% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Dec. 15 – Zoucheng Urban Assets Holding Group Co., Ltd. sold RMB 440 million of 8% bonds due 2025 at par, according to a listing notice and an offering circular on Friday.

TF International, Haitong International, Yuan Tong Global Securities, Interarch Asset Management Ltd., Shanggu Asset Management (Asia) Ltd., Golden Continent Securities Co., Ltd., China Galaxy International, ICD Securities, Dongxing Securities (Hong Kong), CF Securities Ltd., Waton Securities International Ltd., Silk Road International, Shenwan Hongyuan (H.K.), Fides Capital Group and Fortune Origin Securities Ltd. are the joint lead managers and joint bookrunners for the offering, with TF, Haitong, Yuan Tong, Interarch, Shanggu and Golden Continent also acting as joint global coordinators.

As with indirect subsidiary Zoucheng City Investment Holdings International Co., Ltd.’s Dec. 11 sale of RMB 420 7.8% one-year guaranteed bonds, proceeds will be used for replenishing the group’s working capital.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 15.

The issuer is an urban development, investment and infrastructure construction entity based in Zoucheng City of China’s Shandong Province.

Issuer:	Zoucheng Urban Assets Holding Group Co., Ltd.
Amount:	RMB 440 million
Issue:	Bonds
Maturity:	Dec. 14, 2025
Bookrunners:	TF International, Haitong International, Yuan Tong Global Securities, Interarch Asset Management Ltd., Shanggu Asset Management (Asia) Ltd., Golden Continent Securities Co., Ltd., China Galaxy International, ICD Securities, Dongxing Securities (Hong Kong), CF Securities Ltd., Waton Securities International Ltd., Silk Road International, Shenwan Hongyuan (H.K.), Fides Capital Group and Fortune Origin Securities Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), AllBright Law Offices (China)
Coupon:	8%
Price:	Par
Yield:	8%
Call option:	Non-callable
Change of control:	At 101
Pricing date:	Dec. 6
Issue date:	Dec. 14
Listing date:	Dec. 15
Distribution:	Regulation S
ISIN:	XS2730038515

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