New Issue: China’s Hebi prices RMB 170 million of 3.3% credit-enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 2 – Hebi Investment Group Co., Ltd. sold RMB 170 million of 3.3% credit-enhanced bonds due 2027 at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds feature the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Hebi Branch.

Essence International is the global coordinator for the Regulation S offering, with Shanghai Pudong Development Bank Hong Kong Branch, CEB International, China Citic Bank International, CMBC Capital, CNCB Capital, Guolian Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd., Wilson Securities and TF International serving as joint lead managers and joint bookrunners.

China Post Securities is the coordinator in China.

Proceeds will be used for the Financial Centre Project, for the Qi County Tiangou Construction Stone Materials, Limestone, Stone Mine Six-in-one Construction Materials Industrial Park Project and to replenish working capital.

Listing for the bonds is expected on the Hong Kong Exchange effective April 2.

Located and operating in Hebi City of China’s Henan Province, the issuer is a major infrastructure investment, construction and operation entity involved in public utility services, financial services, real estate and product sales.

Issuer:	Hebi Investment Group Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Hebi Branch
Amount:	RMB 170 million
Issue:	Credit-enhanced bonds
Maturity:	Feb. 28, 2027
Bookrunners:	Essence International (global coordinator), Shanghai Pudong Development Bank Hong Kong Branch, CEB International, China Citic Bank International, CMBC Capital, CNCB Capital, Guolian Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd., Wilson Securities and TF International
PRC coordinator:	China Post Securities
Trustee:	China Citic Bank International Ltd.
Counsel to issuer:	Jingtian & Gongcheng (England), Friends Law Firm of Guangdong (China)
Counsel to underwriters:	Jun He Law Offices (England, Hong Kong), JunHe LLP (China)
Coupon:	3.3%
Price:	Par
Yield:	3.3%
Call:	For taxation reasons at par
Change of control:	At par
Pricing date:	March 21
Issue date:	March 28
Listing date:	April 2
Distribution:	Regulation S
ISIN:	HK0001000816

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