New Issue: Anqing Shengtang sells RMB 440 million 3.43% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., June 12 – China’s Anqing Shengtang Investment Holdings Group Co., Ltd. sold RMB 440 million 3.43% credit-enhanced bonds due 2026 (A) at par, according to a listing notice and an offering circular on Monday.

The issue benefits from a single-draw irrevocable standby letter of credit from Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch.

Guoyuan Securities (Hong Kong), ICBC International, ICBC (Asia), China Minsheng Banking Corp., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, Fosun International Securities, SunRiver International Securities Group Ltd., China Industrial Securities International, CNCB Capital, TF International, Shanghai Pudong Development Bank Hong Kong Branch, China Galaxy International and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners, with Guoyuan and ICBC International also acting as joint global coordinators.

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

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective June 12.

Based in China’s Anqing Development Zone, the issuer is involved in infrastructure construction.

Issuer:	Anqing Shengtang Investment Holdings Group Co., Ltd.
LoC issuer:	Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch
Amount:	RMB 440 million
Issue:	Credit-enhanced notes
Maturity:	June 9, 2026
Bookrunners:	Guoyuan Securities (Hong Kong), ICBC International, ICBC (Asia), China Minsheng Banking Corp., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, Fosun International Securities, SunRiver International Securities Group Ltd., China Industrial Securities International, CNCB Capital, TF International, Shanghai Pudong Development Bank Hong Kong Branch, China Galaxy International and Dingxin (Securities) Ltd.
Trustee:	Industrial and Commercial Bank of China (Asia) Ltd.
Counsel to issuer:	Eric Chow & Co. in Association with Commerce & Finance Law Offices (England, Hong Kong)
Counsel to underwriters:	Linklaters (England), Jingtian & Gongcheng (China)
Coupon:	3.43%
Price:	Par
Yield:	3.43%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	June 2
Issue date:	June 9
Listing date:	June 12
Rating:	S&P: A
Distribution:	Regulation S

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