New Issue: Qingtian Transportation sells RMB 483 million 3.7% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., May 23 – China’s Qingtian County Transportation Development Investment Co., Ltd. sold RMB 483 million 3.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Ningbo Co., Ltd., Lishui Branch.

Caitong International, Guotai Junan International, CEB International, China International Capital Corp., China Securities International, Guosen Securities (HK), Haitong International, Shenwan Hongyuan (H.K.), ABC International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International are the joint lead managers and joint bookrunners for the offering.

Caitong and Guotai are also the joint global coordinators, with Guotai further serving as PRC coordinator.

Proceeds from the offering will be used for project funding and replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 23.

Based in China’s Qingtian County, the issuer is a core state-owned asset operation and infrastructure construction entity.

Issuer:	Qingtian County Transportation Development Investment Co., Ltd.
LoC issuer:	Bank of Ningbo Co., Ltd., Lishui Branch
Amount:	RMB 483 million
Issue:	Credit enhanced bonds
Maturity:	May 22, 2026
Bookrunners:	Caitong International, Guotai Junan International, CEB International, China International Capital Corp., China Securities International, Guosen Securities (HK), Haitong International, Shenwan Hongyuan (H.K.), ABC International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International
PRC coordinator:	Guotai Junan
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	DeHeng Law Offices (Hong Kong) LLP (Hong Kong), Sunhold Law Firm (China)
Counsel to underwriters:	Jun He Law Offices (Hong Kong), Beijing DeHeng Law Offices (China)
Coupon:	3.7%
Price:	Par
Yield:	3.7%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	May 17
Issue date:	May 22
Listing date:	May 23
Distribution:	Regulation S

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