New Issue: China’s Gaoyou Construction sells €75 million 4.6% bonds due 2026

Chicago, Feb. 24 – Gaoyou Construction Investment Development (BVI) Co., Ltd. sold €75 million 4.6% credit-enhanced bonds due 2026, according to an offering circular.

The bonds priced at par.

The Regulation S bonds are guaranteed by parent company Gaoyou City Construction Investment Development Group Co., Ltd. and supported by an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd. Yangzhou Branch.

China Industrial Securities International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with China Industrial Securities International, Industrial Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CEB International, Guotai Junan International, Guosen Securities (HK), Central Wealth Securities Investment Ltd., CNCB Capital, Citic Securities, CMBC Capital, China International Capital Corp. and Caitong International.

Proceeds will be used for project construction and working capital replenishment.

The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on May 16. The guarantor is primarily engaged in the construction of municipal infrastructure, water facilities, roads, environmental governance-related facilities and shantytown redevelopment projects in China’s Gaoyou City and Suzhou City.

Issuer:	Gaoyou Construction Investment Development (BVI) Co., Ltd.
Guarantor:	Gaoyou City Construction Investment Development Group Co., Ltd.
LoC issuer:	Bank of Jiangsu Co., Ltd., Yangzhou Branch
Amount:	€75 million
Issue:	Credit-enhanced bonds
Maturity:	Feb. 23, 2026
Bookrunners:	China Industrial Securities International, China Industrial Securities International, Industrial Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CEB International, Guotai Junan International, Guosen Securities (HK), Central Wealth Securities Investment Ltd., CNCB Capital, Citic Securities, CMBC Capital, China International Capital Corp. and Caitong International
Trustee:	Citicorp International Ltd.
Counsel to issuer:	Dentons Hong Kong LLP, Beijing Dentons Law Offices, LLP and Ogier
Counsel to underwriters:	Fangda Partners and Hansheng Law Offices
Coupon:	4.6%
Price:	Par
Yield:	4.6%
Change of control:	At par
Trade date:	Feb. 16
Settlement date:	Feb. 23
Distribution:	Regulation S
ISIN:	XS2547530928

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