New Issue: China’s Pingtan prices RMB 926 million of 5.9% bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 26 – Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd. sold RMB 926 million of 5.9% bonds due 2027 (Lianhe: BBB) at par, according to a listing notice and an offering circular on Friday.

China Industrial Securities International, Guotai Junan International, China International Capital Corp. Bank of China, CMBC Capital, Citic Securities, CNCB Capital, Haitong International, Zhongtai International, Guolian Securities International, Sinolink Securities (HK), China Securities International, Sigma Capital, China Citic Bank International, Shanxi Securities International, Huafu International and Neutral Financial Holding are the joint lead managers and joint bookrunners for the offering, with China Industrial Securities, Guotai Junan, China International Capital, Bank of China, CMBC and Citic Securities also serving as joint global coordinators.

Proceeds will be used for project construction and as supplemental working capital.

The Regulation S bonds are expected to be listed on the Chongwa (Macao) Exchange effective April 26.

The issuer is a comprehensive state-owned assets investment company involved in infrastructure construction, municipal sanitation maintenance, supply chain trading, logistics and transportation, leasing, property management and investment real estate disposal.

Issuer:	Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd.
Amount:	RMB 926 million
Issue:	Bonds
Maturity:	April 25, 2027
Bookrunners:	China Industrial Securities International, Guotai Junan International, China International Capital Corp. Bank of China, CMBC Capital, Citic Securities, CNCB Capital, Haitong International, Zhongtai International, Guolian Securities International, Sinolink Securities (HK), China Securities International, Sigma Capital, China Citic Bank International, Shanxi Securities International, Huafu International and Neutral Financial Holding
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jun He Law Offices (England, Hong Kong), Beijing Dacheng Law Offices, LLP (Fuzhou) (China)
Counsel to underwriters:	Jingtian & Gongcheng LLP (England, Hong Kong), Beijing Yingke Law Firm Fuzhou Office (China)
Coupon:	5.9%
Price:	Par
Yield:	5.9%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Pricing date:	April 18
Issue date:	April 25
Listing date:	April 26
Rating:	Lianhe: BBB
Distribution:	Regulation S
ISIN:	HK0000998473

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