By William Gullotti
Buffalo, N.Y., June 20 – China’s Nanning Wuxiang New Area Construction Investment Co., Ltd. sold RMB 550 million 4.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular released on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Guilin Bank Co., Ltd.
Guotai Junan International, ABC International, Bocom International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with Guotai also acting as global coordinator.
Proceeds will be used for financing project construction and replenishing working capital.
Listing for the bonds became effective on the Chongwa (Macao) Exchange on June 19.
Based in China’s Guanxi Province, the issuer is a provider of municipal services, including land development, infrastructure construction, commercial property sales and leasing.
| Issuer: | Nanning Wuxiang New Area Construction Investment Co., Ltd.
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| LoC issuer: | Guilin Bank Co., Ltd.
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| Amount: | RMB 550 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 16, 2026
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| Bookrunners: | Guotai Junan International, ABC International, Bocom International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.7%
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| Price: | Par
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| Yield: | 4.7%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | June 9
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| Issue date: | June 16
|
| Listing date: | June 19
|
| Distribution: | Regulation S
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