New Issue: Qingdao West Coast unit sells RMB 450 million 4.38% credit enhanced bonds due 2027

By William Gullotti

Buffalo, N.Y., March 5 – Qingdao West Coast New Area Ronghe Holding Group Co., Ltd.’s Ronghe International Industry Co., Ltd. sold RMB 450 million of 4.38% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular.

The bonds will be issued by the subsidiary, and the parent will provide a keepwell deed. The bonds are further supported by an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Qingdao Branch.

Silk Road International, Zhongtai International, China Industrial Securities International, China Galaxy International, Far East Horizon International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Guotai Junan International, Yuan Tong Global Securities and China Credit International Securities are the joint lead managers and joint bookrunners, with Silk Road, Zhongtai, China Industrial, China Galaxy and Far East also acting as joint global coordinators.

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

Listings for the Regulation S bonds became effective on the Luxembourg Exchange and the Chongwa (Macao) Exchange on March 4.

The issuer is an indirect, wholly owned subsidiary of the guarantor incorporated in the British Virgin Islands in November 2023. Located in the West Coast New Area in Qingdao, China, the guarantor is a municipally owned entity carrying out development activities for commodity trading, construction, development and manufacturing.

Issuer:	Ronghe International Industry Co., Ltd.
Keepwell:	Qingdao West Coast New Area Ronghe Holding Group Co., Ltd.
LoC issuer:	China Bohai Bank Co., Ltd., Qingdao Branch
Amount:	RMB 450 million
Issue:	Credit enhanced bonds
Maturity:	March 1, 2027
Bookrunners:	Silk Road International, Zhongtai International, China Industrial Securities International, China Galaxy International, Far East Horizon International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shanghai Pudong Development Bank Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Guotai Junan International, Yuan Tong Global Securities and China Credit International Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	DeHeng Law Offices (Hong Kong) LLP (England), Shandong Jointide (Jinan) Law Firm (China), Ogier (BVI)
Counsel to underwriters:	Clifford Chance (England), Tian Yuan Law Firm (China)
Coupon:	4.38%
Price:	Par
Yield:	4.38%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	Feb. 23
Issue date:	March 1
Listing date:	March 4
Distribution:	Regulation S
ISIN:	HK0000987914

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