New Issue: China’s Chenzhou Futian prices RMB 536 million 4.6% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., Dec. 28 – Chenzhou Futian Construction Development Co., Ltd. sold RMB 536 million of 4.6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.

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

TF International, JA Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, GF Securities, China Citic Bank International, Harmonia Capital Ltd., Excellent Tide, China Galaxy International, Zheshang International, Hung Sing Securities Ltd., SunRiver International Securities, Pearl International Securities Ltd., Shenwan Hongyuan (H.K.), Huafu International, Guosen Securities (HK), China Industrial Securities International, Donghai International, Soochow Securities (Hong Kong), Guoyuan Securities (Hong Kong) and Guolian Securities International are the joint lead managers and joint bookrunners for the offering, with TF and JA also acting as joint global coordinators.

Proceeds will be used for project construction and replenishing working capital.

Listing for the Regulation S bonds took effect on the Chongwa (Macao) Exchange on Dec. 27.

The issuer is a wholly owned subsidiary of Chenzhou Xintian Investment Co. Ltd., involved in engineering construction, leasing and sales of saplings in Chenzhou City of China’s Hunan Province.

Issuer:	Chenzhou Futian Construction Development Co., Ltd.
LoC issuer:	China Bohai Bank Co., Ltd., Changsha Branch
Amount:	RMB 536 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 22, 2026
Bookrunners:	TF International, JA Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, GF Securities, China Citic Bank International, Harmonia Capital Ltd., Excellent Tide, China Galaxy International, Zheshang International, Hung Sing Securities Ltd., SunRiver International Securities, Pearl International Securities Ltd., Shenwan Hongyuan (H.K.), Huafu International, Guosen Securities (HK), China Industrial Securities International, Donghai International, Soochow Securities (Hong Kong), Guoyuan Securities (Hong Kong) and Guolian Securities International
Trustee:	China Citic Bank International Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England), Hylands 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. 15
Issue date:	Dec. 22
Listing date:	Dec. 27
Distribution:	Regulation S
ISIN:	HK0000976032

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