New Issue: Ganzhou Tourism prices RMB 460 million 3.6% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., July 28 – China’s Ganzhou Tourism Investment Group Ltd. announced it priced RMB 460 million 3.6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Ganzhou Branch.

DBS Bank Ltd., Goldbridge Securities, Dingxin (Securities) Ltd., CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, ABC International, Bocom International, Bank of East Asia, Ltd., CNCB Capital, Shenwan Hongyuan (H.K.), CMBC Capital, Guotai Junan International and China Citic Bank International are the joint lead managers and joint bookrunners for the offering, with DBS and Goldbridge also acting as joint global coordinators.

Proceeds from the offering will be used for project construction and replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective July 28.

The issuer is a primary state-owned platform engaging in infrastructure construction in Xunwu County and Longnan, Ganzhou, Jiangxi Province in China.

Issuer:	Ganzhou Tourism Investment Group Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Ganzhou Branch
Amount:	RMB 460 million
Issue:	Credit enhanced bonds
Maturity:	June 27, 2026
Bookrunners:	DBS Bank Ltd., Goldbridge Securities, Dingxin (Securities) Ltd., CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, ABC International, Bocom International, Bank of East Asia, Ltd., CNCB Capital, Shenwan Hongyuan (H.K.), CMBC Capital, Guotai Junan International and China Citic Bank International
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Jun He Law Offices (England), Joint-Win Law Firm (China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Jingtian & Gongcheng Law Firm (China)
Coupon:	3.6%
Price:	Par
Yield:	3.6%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	July 20
Issue date:	July 27
Listing date:	July 28
Distribution:	Regulation S
ISIN:	XS2652417788

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