New Issue: Beijing Public Housing unit prices $300 million 1.9% five-year bonds

By Rebecca Melvin

New York, March 23 – Yan Gang Ltd., a subsidiary of Beijing Public Housing Center, priced $300 million 1.9% bonds due 2026 (//A+), which are guaranteed by the parent company, according to a notice.

Huatai International was sole global coordinator, and a joint bookrunner and joint lead manager of the Regulation S deal along with ABC International, Bank of China, Bank of Communications, BOSC International, China Everbright Bank, CICC, China Merchants Bank, China Minsheng Bank, CNCB Investment, China Securities International, Haitong, ICBC, Sheba Municipal Group Co. Ltd., SPD Bank, Silk Road International and Bison.

The proceeds of the issue, which is expected to be listed on the Stock Exchange of Hong Kong Ltd. on March 24, will be used for the construction of projects and other general corporate purposes.

The state-owned real estate company is based in Beijing.

Issuer:	Yan Gang Ltd.
Guarantor:	Beijing Public Housing Center
Issue:	Bonds
Amount:	$300 million
Maturity:	2026
Bookrunners:	Huatai International, ABC International, Bank of China, Bank of Communications, BOSC International, China Everbright Bank, CICC, China Merchants Bank, China Minsheng Bank, CNCB Investment, China Securities International, Haitong, ICBC, Sheba Municipal Group Co. Ltd., SPD Bank, Silk Road International and Bison
Coupon:	1.9%
Announcement date:	March 23
Listing date:	March 24
Rating:	Fitch: A+
Distribution:	Regulation S

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