New Issue: China’s Tianjin Binhai unit sells $100 million 5.3% bonds due 2025

Chicago, Sept. 13 – Tianjin Binhai New Area Construction & Investment Group Co., Ltd. subsidiary Zhaohai Investment (BVI) Ltd. sold $100 million 5.3% credit-enhanced guaranteed bonds due 2025 (Baa2/Lianhe: A), according to an offering circular.

The notes have the benefit of an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Tianjin Branch.

The bonds priced at par.

The joint lead managers for the Regulation S issue are Haitong International Securities Co. Ltd., BOSC International Co. Ltd. (lead global coordinators), Bank of China Ltd., Standard Chartered Bank, Silk Road International Capital Ltd., CLSA Ltd., ABCI Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CNCB (Hong Kong) Capital Ltd. (joint bookrunners), Industrial Bank Co., Ltd. Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., CEB International Capital Corp. Ltd., Orient Securities (Hong Kong) Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd, CMBC Securities Co. Ltd., Central Wealth Securities Investment Ltd., China Industrial Securities International Brokerage Ltd. and Zhongtai International Securities Ltd.

Proceeds will be used for refinancing offshore bonds due 2022.

The group is a financing platform for major projects for the Tianjin Binhai New Area.

Issuer:	Zhaohai Investment (BVI) Ltd.
Guarantor:	Tianjin Binhai New Area Construction & Investment Group Co., Ltd.
Amount:	$100 million
Issue:	Credit-enhanced guaranteed bonds
Maturity:	Sept. 9, 2025
Bookrunners:	Haitong International Securities Co. Ltd., BOSC International Co. Ltd. (lead global coordinators), Bank of China Ltd., Standard Chartered Bank, Silk Road International Capital Ltd., CLSA Ltd., ABCI Capital Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, CNCB (Hong Kong) Capital Ltd. (joint bookrunners), Industrial Bank Co., Ltd. Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., CEB International Capital Corp. Ltd., Orient Securities (Hong Kong) Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd, CMBC Securities Co. Ltd., Central Wealth Securities Investment Ltd., China Industrial Securities International Brokerage Ltd. and Zhongtai International Securities Ltd.
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Clifford Chance, Grandall Law Firm, Beijing Office, Ogier
Counsel to underwriters:	Allen & Overy, DeHeng Law Offices
Coupon:	5.3%
Price:	Par
Yield:	5.3%
Change of control:	At par
Trade date:	Sept. 6
Settlement date:	Sept. 9
Ratings:	Moody’s: Baa2
	Lianhe: A
Distribution:	Regulation S
ISIN:	XS2529209780

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