New Issue: Changxing Urban prices $110 million 5½% credit enhanced green bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., March 26 – China’s Changxing Urban Construction Investment Group Co., Ltd. priced $110 million of 5½% credit enhanced green bonds due 2027 at par, according to a listing notice with an appended offering circular on Tuesday.

The green bonds are supported by an irrevocable standby letter of credit issued by Huishang Bank Corp., Ltd.

Dingxin (Securities) Ltd., Haitong International, CEB International, China Securities International, Citic Securities, China International Capital Corp., CMBC Capital, China Galaxy International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners, with Dingxin and Haitong also acting as joint global coordinators and green structuring advisors.

Proceeds will be used to repay medium- to long-term foreign debts maturing within one year in accordance with the green finance framework.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 26.

The infrastructure construction company is based in Huzhou, China.

Issuer:	Changxing Urban Construction Investment Group Co., Ltd.
LoC issuer:	Huishang Bank Corp., Ltd.
Amount:	$110 million
Issue:	Credit enhanced green bonds
Maturity:	March 25, 2027
Bookrunners:	Dingxin (Securities) Ltd., Haitong International, CEB International, China Securities International, Citic Securities, China International Capital Corp., CMBC Capital, China Galaxy International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
Green structuring advisors:	Dingxin (Securities) Ltd., Haitong International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England), L&H Law Firm (China)
Coupon:	5½%
Price:	Par
Yield:	5½%
Call:	For taxation reasons at par
Puts:	At par upon change of control or for a non-registration event
Pricing date:	March 20
Issue date:	March 25
Listing date:	March 26
Distribution:	Regulation S
ISIN:	XS2791474054

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