New Issue: Chengdu Xinjin prices RMB 500 million of 4.6% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Dec. 28 – China’s Chengdu Xinjin City Industry Development Group Co., Ltd. sold RMB 500 million of 4.6% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.

The bonds are supported by an irrevocable standby letter of credit provided by China Bohai Bank Co., Ltd., Chengdu Branch.

Essence International, China Galaxy International, CCB International, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Donghai International, Guosen Securities (HK), Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Soochow Securities (Hong Kong) and SunRiver International Securities are the joint lead managers and joint bookrunners, with Essence also acting as sole global coordinator.

As with the group’s Dec. 20 issue of $49 million 7˝% three-year bonds, 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 took effect on the Hong Kong Exchange on Dec. 27.

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.
LoC issuer:	China Bohai Bank Co., Ltd., Chengdu Branch
Amount:	RMB 500 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 22, 2026
Bookrunners:	Essence International, China Galaxy International, CCB International, China Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Donghai International, Guosen Securities (HK), Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Soochow Securities (Hong Kong) and SunRiver International Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jingtian & Gongcheng LLP (England), Faxian Law Firm (China)
Counsel to underwriters:	Jun He Law Offices (England, Hong Kong), Beijing Zhonglun W&D (Chengdu) Law Firm (China)
Coupon:	4.6%
Price:	Par
Yield:	4.6%
Call:	For taxation reasons at par
Puts:	At par for a change of control or no registration event
Pricing date:	Dec. 19
Issue date:	Dec. 22
Listing date:	Dec. 27
Distribution:	Regulation S
ISIN:	XS2728836961

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