New Issue: China’s Chang Development sells $200 million 4.3% three-year bonds

By Marisa Wong

Los Angeles, April 27 – Chang Development International Ltd. issued $200 million of 4.3% guaranteed bonds due 2024 (Baa1//BBB+) on Tuesday, according to a notice.

Parent company Changchun Urban Development & Investment Holdings (Group) Co., Ltd. is the guarantor.

Bocom International Securities Ltd., CEB International Capital Corp. Ltd., CMBC Securities Co. Ltd., CLSA Ltd., CNCB (Hong Kong) Capital Ltd., Bank of China Ltd., ABCI Capital Ltd., CMB International Capital Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., Shenwan Hongyuan Securities (HK) Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Standard Chartered Bank are the bookrunners.

Changchun Urban offers infrastructure construction services.

Issuer:	Chang Development International Ltd.
Guarantor:	Changchun Urban Development & Investment Holdings (Group) Co., Ltd.
Issue:	Bonds
Amount:	$200 million
Maturity:	April 27, 2024
Bookrunners:	Bocom International Securities Ltd., CEB International Capital Corp. Ltd., CMBC Securities Co. Ltd., CLSA Ltd., CNCB (Hong Kong) Capital Ltd., Bank of China Ltd., ABCI Capital Ltd., CMB International Capital Ltd., Guotai Junan Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., Shenwan Hongyuan Securities (HK) Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Standard Chartered Bank
Coupon:	4.3%
Settlement date:	April 27
Ratings:	Moody’s: Baa1
	Fitch: BBB+

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