New Issue: China’s Funing Urban prices RMB 94 million 3.35% credit enhanced bonds due 2027

By William Gullotti

Buffalo, N.Y., March 28 – Funing Urban Development Holding Group Co., Ltd. sold RMB 94 million of 3.35% credit enhanced bonds due 2027 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, Yancheng Branch.

Fosun International Securities, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, China Industrial Securities International, CMBC Capital, Guoyuan Securities (Hong Kong), China Citic Bank International, China Securities International and Huatai International are the joint lead managers and joint bookrunners, with Fosun also acting as global coordinator.

Dongxing Securities is the PRC coordinator.

Proceeds will be used to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 28.

Located in Funing County of China’s Jiangsu Province, the issuer is a municipal infrastructure and state-owned assets operating entity involved in infrastructure construction, grain sales, land development and consolidation, resettlement housing development and other businesses.

Issuer:	Funing Urban Development Holding Group Co., Ltd.
LoC issuer:	Bank of Nanjing, Yancheng Branch
Amount:	RMB 94 million
Issue:	Credit enhanced bonds
Maturity:	March 27, 2027
Bookrunners:	Fosun International Securities, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities, China Industrial Securities International, CMBC Capital, Guoyuan Securities (Hong Kong), China Citic Bank International, China Securities International and Huatai International
PRC coordinator:	Dongxing Securities
Trustee:	China Citic Bank International Ltd.
Counsel to underwriters:	Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
Coupon:	3.35%
Price:	Par
Yield:	3.35%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or no registration event
Pricing date:	March 20
Issue date:	March 27
Listing date:	March 28
Distribution:	Regulation S
ISIN:	HK0001001053

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.