New Issue: Shaanxi Xixian prices RMB 1.07 billion 4.95% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Sept. 29 – China’s Shaanxi Xixian New Area Fengxi Development Group Co., Ltd. sold RMB 1.07 billion of 4.95% credit enhanced bonds due 2026 at par, according to several listing documents on Friday.

The bonds are backed by an irrevocable standby letter of credit issued by Bank of Xi’an Co., Ltd.

GF Securities, China Citic Bank International, Dingxin (Securities) Ltd., Alpha International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Pearl International Securities Ltd. are the joint lead managers and joint bookrunners for the Regulation S offering, with GF and China Citic also serving as joint global coordinators.

Proceeds will be used for project development and replenishing working capital.

Listings for the bonds are expected on the Hong Kong Exchange and the Chongwa (Macao) Exchange effective Sept. 29.

The issuer is a development and construction platform in China’s Fenxgxi New City, focused on shantytown redevelopment, primary land development, commodities trading, land banking and urban greening.

Issuer:	Shaanxi Xixian New Area Fengxi Development Group Co., Ltd.
LoC issuer:	Bank of Xi’an Co., Ltd.
Amount:	RMB 1,065,000,000
Issue:	Credit enhanced bonds
Maturity:	Sept. 28, 2026
Bookrunners:	GF Securities, China Citic Bank International, Dingxin (Securities) Ltd., Alpha International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Pearl International Securities Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Han Kun Law Offices LLP (England), Shaanxi Jiaxuan Law Firm (China)
Counsel to underwriters:	Mayer Brown (England, Hong Kong), Tiantai Law Firm (China)
Coupon:	4.95%
Price:	Par
Yield:	4.95%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest for a change-of-control or no registration event
Pricing date:	Sept. 21
Issue date:	Sept. 28
Listing date:	Sept. 29
Distribution:	Regulation S
ISIN:	HK0000942661

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