Published on 12/20/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Chengdu Xinjin prices $49 million of 7½% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Dec. 20 – Chengdu Xinjin City Industry Development Group Co., Ltd. sold $49 million of 7½% bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.
Essence International, CNCB Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Donghai International, Far East Horizon International and Haitong Bank are the joint lead managers and joint bookrunners, with Essence also acting as sole global coordinator.
Proceeds will be used for the construction of the Tianfu Mushan Digital New City Digital Economy Industrial Park Project and to replenish working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 20.
The issuer is a major investment, financing and construction entity in the Xinjin District of China’s Sichuan Province.
| Issuer: | Chengdu Xinjin City Industry Development Group Co., Ltd.
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| Amount: | $49 million
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| Issue: | Bonds
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| Maturity: | Dec. 19, 2026
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| Bookrunners: | Essence International (global coordinator), CNCB Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Donghai International, Far East Horizon International and Haitong Bank
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Jingtian & Gongcheng LLP (England), Faxian Law Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England, Hong Kong), Beijing Zhonglun W&D (Chengdu) Law Firm (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call: | Non-callable
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| Change of control: | At 101
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| Pricing date: | Dec. 14
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| Issue date: | Dec. 19
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| Listing date: | Dec. 20
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| Distribution: | Regulation S
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| ISIN: | XS2734731065
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