By William Gullotti
Buffalo, N.Y., Aug. 24 – China’s Suqian Yufeng Industrial Investment Development Management Group Co., Ltd. priced RMB 290 million of 3.98% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Nanjing Suqian Branch.
Huatai International, China Citic Bank International and Luso Bank Ltd. are the joint lead managers and joint bookrunners for the offering, with Huatai also acting as sole global coordinator.
Bank of Nanjing Co., Ltd. is the PRC coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Aug. 24.
The issuer is a state-owned enterprise engaged in the investment, construction and operation of urban infrastructure projects in Suyu District, Suqian City in China’s Jiangsu Province.
| Issuer: | Suqian Yufeng Industrial Investment Development Management Group Co., Ltd.
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| LoC issuer: | Bank of Nanjing Suqian Branch
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| Amount: | RMB 290 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 23, 2026
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| Bookrunners: | Huatai International, China Citic Bank International and Luso Bank Ltd.
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| PRC coordinator: | Bank of Nanjing Co., Ltd
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to underwriters: | Herbert Smith Freehills (England), Jingtian & Gongcheng (China)
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| Coupon: | 3.98%
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| Price: | Par
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| Yield: | 3.98%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Aug. 16
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| Issue date: | Aug. 23
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| Listing date: | Aug. 24
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| Distribution: | Regulation S
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| ISIN: | HK0000942877
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