New Issue: China’s Qingdao West Coast sells RMB 768 million 5.2% bonds due 2027

By William Gullotti

Buffalo, N.Y., April 23 – Qingdao West Coast New Area Ronghe Holding Group Co., Ltd. sold RMB 768 million of 5.2% bonds due 2027 (Chengxin: Ag-) at par, according to a listing notice and an offering circular on Tuesday.

Silk Road International, Citic Securities, Dongxing Securities (Hong Kong), China Galaxy International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Bank of China, BOC International, Haitong International, Guotai Junan International, Zhongtai International, CMBC Capital, China Industrial Securities International, SPDB International, China Citic Bank International, Shenwan Hongyuan (H.K.), Guolian Securities International, Pearl International Securities Ltd. and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners, with Silk Road, Citic Securities, Dongxing and China Galaxy also acting as joint global coordinators.

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

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 23.

Located in the West Coast New Area in Qingdao, China, the issuer is a municipally owned entity carrying out development activities for commodity trading, construction, development and manufacturing.

Issuer:	Qingdao West Coast New Area Ronghe Holding Group Co., Ltd.
Amount:	RMB 768 million
Issue:	Bonds
Maturity:	April 22, 2027
Bookrunners:	Silk Road International, Citic Securities, Dongxing Securities (Hong Kong), China Galaxy International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Bank of China, BOC International, Haitong International, Guotai Junan International, Zhongtai International, CMBC Capital, China Industrial Securities International, SPDB International, China Citic Bank International, Shenwan Hongyuan (H.K.), Guolian Securities International, Pearl International Securities Ltd. and Dingxin (Securities) Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England), Shandong Jointide (Jinan) Law Firm (China)
Coupon:	5.2%
Price:	Par
Yield:	5.2%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	April 15
Issue date:	April 22
Listing date:	April 23
Rating:	Chengxin: Ag-
Distribution:	Regulation S
ISIN:	HK0001007621

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