By William Gullotti
Buffalo, N.Y., Jan. 4 – China’s Chenzhou Shengda Asset Management Co., Ltd. sold RMB 334 million of 4.6% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.
The bonds are supported by an irrevocable standby letter of credit provided by China Bohai Bank Co., Ltd., Changsha Branch.
Dingxin (Securities) Ltd., Essence International, Shenwan Hongyuan (H.K.), Carlyon Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch are the placing agents for the offering.
Proceeds will be used for project investment, project construction and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Jan. 4.
The issuer is located and operating in Chenzhou City of China’s Hunan Province with main business segments involved in land development and consolidation, infrastructure construction, resettlement housing sales and commodity trading.
| Issuer: | Chenzhou Shengda Asset Management Co., Ltd.
|
| LoC issuer: | China Bohai Bank Co., Ltd., Changsha Branch
|
| Amount: | RMB 334 million
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| Issue: | Credit enhanced bonds
|
| Maturity: | Jan. 4, 2027
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| Placing agents: | Dingxin (Securities) Ltd., Essence International, Shenwan Hongyuan (H.K.), Carlyon Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Coupon: | 4.6%
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| Price: | Par
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| Yield: | 4.6%
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| Call: | For taxation reasons at par
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| Puts: | At par for a change of control or no registration event
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| Pricing date: | Dec. 27
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| Issue date: | Jan. 4
|
| Listing date: | Jan. 4
|
| Distribution: | Regulation S
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| ISIN: | XS2740215517
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