New Issue: Shandong Commercial sells RMB 485 million 3.9% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Aug. 14 – Shandong Commercial Group Co., Ltd. priced RMB 485 million 3.9% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Monday.

The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Jinan Branch.

Shenwan Hongyuan (H.K.), China Galaxy International, Zhongtai International, China Everbright Bank Hong Kong Branch, CCB International, Shanghai Pudong Development Bank Hong Kong Branch, ICBC (Asia), SunRiver International Securities Group Ltd., CMB International and China Citic Bank International are the joint lead managers and joint bookrunners for the offering, with Shenwan also serving as sole global coordinator.

Proceeds will be used for retail business development, offshore business development and refinancing offshore debt.

Listing for the bonds is expected on the Hong Kong Exchange on Aug. 14.

The company provides foreign investment and investment management and operates commercial tourism development, real estate development, financing and other businesses. It is based in Shandong, China.

Issuer:	Shandong Commercial Group Co., Ltd.
LoC issuer:	Bank of Beijing Co., Ltd., Jinan Branch
Amount:	RMB 485 million
Issue:	Credit enhanced bonds
Maturity:	Aug. 11, 2026
Bookrunners:	Shenwan Hongyuan (H.K.), China Galaxy International, Zhongtai International, China Everbright Bank Hong Kong Branch, CCB International, Shanghai Pudong Development Bank Hong Kong Branch, ICBC (Asia), SunRiver International Securities Group Ltd., CMB International and China Citic Bank International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Fangda Partners (England), Tahota Law Firm (China)
Counsel to underwriters:	Linklaters (England), Dentons (China)
Coupon:	3.9%
Price:	Par
Yield:	3.9%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	Aug. 8
Issue date:	Aug. 11
Listing date:	Aug. 14
Distribution:	Regulation S
ISIN:	XS2654507842

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