New Issue: China’s Sanming City Construction sells RMB 410 million 5.2% bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., Feb. 8 – Sanming City Construction and Development Group Co., Ltd. sold RMB 410 million of 5.2% bonds due 2027 at par, according to a listing notice with an appended offering circular on Thursday.

Haitong Bank, Haitong International, Bank of China, China International Capital Corp., Luso Bank Ltd., Huatai International, China Galaxy International, China Industrial Securities International, Citic Securities, Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Huafu International, Orient Securities (Hong Kong) and Zheshang International are the joint lead managers and joint bookrunners for the offering, with Haitong Bank, Haitong International, Bank of China, China International Capital and Luso also serving as joint global coordinators.

Haitong Securities Co., Ltd. is the PRC coordinator.

Proceeds will be used for project construction and to replenish working capital.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Feb. 8.

Sanming City Construction offers infrastructure construction services.

Issuer:	Sanming City Construction and Development Group Co., Ltd.
Amount:	RMB 410 million
Issue:	Bonds
Maturity:	Feb. 7, 2027
Bookrunners:	Haitong Bank, Haitong International, Bank of China, China International Capital Corp., Luso Bank Ltd., Huatai International, China Galaxy International, China Industrial Securities International, Citic Securities, Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Huafu International, Orient Securities (Hong Kong) and Zheshang International
PRC coordinator:	Haitong Securities Co., Ltd.
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Wan Ao Law Firm (China)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Beijing DeHeng Law Offices (China)
Coupon:	5.2%
Price:	Par
Yield:	5.2%
Call:	For taxation reasons at par
Puts:	At 101 for a change of control; at par for a non-registration event
Pricing date:	Jan. 31
Settlement date:	Feb. 7
Listing date:	Feb. 8
Distribution:	Regulation S
ISIN:	HK0000987542

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