New Issue: Shangyu Urban Construction sells $240 million 3.3% five-year sustainability bonds

Chicago, Nov. 22 – Shangyu Urban Construction Hong Kong Co. Ltd. sold $240 million of 3.3% five-year guaranteed sustainability bonds (//BBB-) at par, according to an offering memorandum.

The guarantee is provided by Shaoxing Shangyu Urban Construction Group Co., Ltd.

The joint global coordinators, joint bookrunners and joint lead managers for the issue are Guotai Junan International, Bank of China and China Securities International for the Regulation S issue.

They are joined by other joint bookrunners and joint lead managers Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, CMB Wing Lung Bank Ltd., SPDB International, CMBC Capital, Zhongtai International, ABC International and China International Capital Corp.

China Securities International is the sustainability structuring adviser.

Proceeds will be used to refinance the group’s debt in accordance with the sustainable finance framework.

The group is a state-owned enterprise for urban infrastructure construction and operation. The Shangyu district is located in Shaoxing City in China.

Issuer:	Shangyu Urban Construction Hong Kong Co. Ltd.
Guarantor:	Shaoxing Shangyu Urban Construction Group Co., Ltd.
Amount:	$240 million
Issue:	Guaranteed sustainability bonds
Maturity:	Nov. 19, 2026
Bookrunners:	Guotai Junan International, Bank of China, China Securities International, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, CMB Wing Lung Bank Ltd., SPDB International, CMBC Capital, Zhongtai International, ABC International and China International Capital Corp.
Sustainability adviser:	China Securities International
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to issuer:	Latham & Watkins LLP, Zhejiang Zuoyou Law Firm
Counsel to bookrunners:	Allen & Overy, Jingtian & Gongcheng
Coupon:	3.3%
Price:	Par
Yield:	3.3%
Change of control:	At par
Trade date:	Nov. 16
Settlement date:	Nov. 19
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2401037960

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