By William Gullotti
Buffalo, N.Y., Aug. 16 – China’s Mengcheng Development Zone Xingmeng Investment Co., Ltd. issued RMB 140 million 5% credit enhanced bonds due 2026 (A1) at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Hefei Science and Technology Rural Commercial Bank Co., Ltd.
SunRiver International Securities, Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), TF International, China Galaxy International and CNCB Capital are the joint lead managers and joint bookrunners, with SunRiver acting as sole global coordinator.
Shengang Securities is the PRC coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 16.
Wholly owned by the Mengcheng County Finance Bureau and operating in China’s Anhui Province, the issuer is involved in infrastructure construction, engineering construction, land leasing, sales of construction materials, transportation service and leasing of construction materials.
| Issuer: | Mengcheng Development Zone Xingmeng Investment Co., Ltd.
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| LoC issuer: | Hefei Science and Technology Rural Commercial Bank Co., Ltd.
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| Amount: | RMB 140 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 15, 2026
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| Bookrunners: | SunRiver International Securities, Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), TF International, China Galaxy International and CNCB Capital
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| PRC coordinator: | Shengang Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest if a no registration event or a change of control occurs
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| Pricing date: | Aug. 4
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| Issue date: | Aug. 15
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| Listing date: | Aug. 16
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| Distribution: | Regulation S
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| ISIN: | XS2658167387
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