New Issue: Dujiangyan Urban and Rural prices RMB 969 million 4.8% bonds due 2026

By William Gullotti

Buffalo, N.Y., Nov. 13 – China’s Dujiangyan Urban and Rural Construction Group Co., Ltd. priced RMB 969 million of 4.8% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Monday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Tianjin Co., Ltd.

China International Capital Corp., Hung Sing Securities Ltd., Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, SunRiver International Securities Group Ltd., Bocom International, CNI Securities Group Ltd., SPDB International, Zheshang International, China Galaxy International, China Industrial Securities International, CNCB Capital, ABC International, CEB International, Orient Securities (Hong Kong), Dongxing Securities (Hong Kong) and China Citic Bank International are the joint lead managers and joint bookrunners, with China International and Hung Sing also acting as joint global coordinators and joint green structuring advisors.

Proceeds will be used to replenish working capital in accordance with the green finance framework.

Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 13.

The issuer is the main entity responsible for the construction of major urban infrastructure projects in China’s Dujiangyan City.

Issuer:	Dujiangyan Urban and Rural Construction Group Co., Ltd.
LoC issuer:	Bank of Tianjin Co., Ltd.
Amount:	RMB 969 million
Issue:	Credit enhanced bonds
Maturity:	Nov. 10, 2026
Bookrunners:	China International Capital Corp., Hung Sing Securities Ltd., Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, SunRiver International Securities Group Ltd., Bocom International, CNI Securities Group Ltd., SPDB International, Zheshang International, China Galaxy International, China Industrial Securities International, CNCB Capital, ABC International, CEB International, Orient Securities (Hong Kong), Dongxing Securities (Hong Kong) and China Citic Bank International
Green structuring advisors:	China International Capital Corp., Hung Sing Securities Ltd.
Trustee:	Bank of New York Mellon, Hong Kong Branch
Counsel to issuer:	Freshfields Bruckhaus Deringer (England), Long An Law Firm (China)
Counsel to underwriters:	Linklaters (England), Tahota Law Firm (China)
Coupon:	4.8%
Price:	Par
Yield:	4.8%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest for a change of control or no registration event
Pricing date:	Nov. 3
Issue date:	Nov. 10
Listing date:	Nov. 13
Distribution:	Regulation S
ISIN:	HK0000963584

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