New Issue: Chengdu Sino French Ecological prices $200 million 6% enhanced bonds due 2025

By William Gullotti

Buffalo, N.Y., Oct. 24 – Chengdu Sino French Ecological Park Investment Development Co., Ltd. priced $200 million 6% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.

The Regulation S bonds are being issued as sustainability bonds and are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Chengdu Branch.

The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or no registration event occurs.

Orient Securities (Hong Kong), BOSC International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bank of Communications, Macau Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Regan Securities, JQ Securities, Initial Capital Securities, Guotai Junan International, CEB International and Essence International are the joint lead managers and joint bookrunners for the offering.

BOSC is the sole sustainability structuring adviser, also serving as a joint global coordinator with Orient Securities.

Proceeds from the offering will be used to finance eligible green projects and eligible social projects, as well as to replenish working capital.

Listings for the bonds is expected on the Hong Kong Exchange effective Oct. 24. Application will also be made to list the bonds on the Chongwa (Macao) Exchange.

The issuer is a wholly owned subsidiary of Chengdu Economic Development Industrial Investment Group Co., Ltd. and is responsible for a variety of work in relation to the Sino-French Ecological Park, such as construction plan formulation, construction of infrastructure and public facilities, investment promotion and other relevant services.

Issuer:	Chengdu Sino French Ecological Park Investment Development Co., Ltd.
LoC issuer:	Bank of Shanghai Co., Ltd., Chengdu Branch
Amount:	$200 million
Issue:	Credit enhanced bonds
Maturity:	Oct. 21, 2025
Bookrunners:	Orient Securities (Hong Kong), BOSC International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bank of Communications, Macau Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Regan Securities, JQ Securities, Initial Capital Securities, Guotai Junan International, CEB International and Essence International
Sustainability structuring adviser:	BOSC International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Fangda Partners (England), Tahota (Tianfu) Law Firm (China)
Counsel to underwriters:	Mayer Brown (England), Beijing Dacheng Law Offices, LLP (China)
Coupon:	6%
Price:	Par
Yield:	6%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
No registration event:	At par plus interest
Pricing date:	Oct. 18
Issue date:	Oct. 21
Listing date:	Oct. 24
Distribution:	Regulation S
ISIN:	XS2536805984

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