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Published on 11/22/2022 in the Prospect News Emerging Markets Daily.

New Issue: Jinan’s Chanfa prices $114 million 7˝% credit enhanced bonds due 2023

By William Gullotti

Buffalo, N.Y., Nov. 22 – Chanfa International (HK) Co., Ltd. priced $114 million of 7˝% one-year credit enhanced guaranteed bonds at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds are guaranteed by parent company Jinan Industry Development Investment Group Co., Ltd. and come with the benefit of an irrevocable standby letter of credit issued by Bank of Qingdao Co., Ltd., Jinan Branch.

Guotai Junan International, Shenwan Hongyuan (HK), Zhongtai International, Citic Securities, Central Wealth Securities Investment Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Haitong Bank, CSIAM, CSFG, CCB International, CEB International and Orient Securities (Hong Kong) are the joint lead managers and joint bookrunners for the offering with Guotai, Shenwan, Zhongtai, Citic and Central Wealth also acting as joint global coordinators.

Proceeds will be used for replenishing working capital, refinancing offshore bonds, project construction and general corporate purposes.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Nov. 22. Application will also be made to list the bonds on the Chongwa (Macao) Exchange.

The group is a municipal-level state-owned enterprise positioned by the Jinan municipal government as the entity responsible for strategically investing in the economic development of Jinan.

Issuer:Chanfa International (HK) Co., Ltd.
Guarantor:Jinan Industry Development Investment Group Co., Ltd.
LoC issuer:Bank of Qingdao Co., Ltd., Jinan Branch
Amount:$114 million
Issue:Credit enhanced guaranteed bonds
Maturity:Nov. 20, 2023
Bookrunners:Guotai Junan International, Shenwan Hongyuan (HK), Zhongtai International, Citic Securities, Central Wealth Securities Investment Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Haitong Bank, CSIAM, CSFG, CCB International, CEB International and Orient Securities (Hong Kong)
Trustee:China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:Herbert Smith Freehills (England, Hong Kong), Grandall Law Firm (Jinan) (China)
Counsel to bookrunners:King & Wood Mallesons (England), Jincheng Tongda & Neal (China)
Coupon:7˝%
Price:Par
Yield:7˝%
Call:For taxation reasons at par plus interest
Put options:At par plus interest for a change of control or non-registration event
Pricing date:Nov. 16
Issue date:Nov. 21
Listing date:Nov. 22
Distribution:Regulation S
ISIN:XS2557347338

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