New Issue: Chongqing Xinshuangquan prices RMB 608 million 4.9% credit enhanced bonds due 2026

By William Gullotti

Buffalo, N.Y., Nov. 27 – China’s Chongqing Xinshuangquan Urban Construction and Development Co., Ltd. issued RMB 608 million of 4.9% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Chongqing Three Gorges Bank Co., Ltd.

Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, CEB International, SunRiver International Securities Group Ltd., Zheshang International, Essence International, Founder Securities (Hong Kong) and Pulsar Capital are the joint lead managers and joint bookrunners for the offering, with Dingxin and Shenwan Hongyuan also acting as joint global coordinators.

Proceeds will be used for project construction and to replenish working capital.

Listings for the Regulation S bonds became effective on the Hong Kong Exchange and the Chongwa (Macao) Exchange effective Nov. 24, and the issuer will also apply to list the bonds on the Singapore Exchange.

The issuer is a state-owned enterprise, located and operating in Dazu District, Chongqing, involved in infrastructure construction and commodity sales.

Issuer:	Chongqing Xinshuangquan Urban Construction and Development Co., Ltd.
LoC issuer:	Chongqing Three Gorges Bank Co., Ltd.
Amount:	RMB 608 million
Issue:	Credit enhanced bonds
Maturity:	Nov. 23, 2026
Bookrunners:	Dingxin (Securities) Ltd., Shenwan Hongyuan (H.K.), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, CEB International, SunRiver International Securities Group Ltd., Zheshang International, Essence International, Founder Securities (Hong Kong) and Pulsar Capital
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Jun He Law Offices (England), SGLA Law Firm (China)
Counsel to underwriters:	Zhong Lun Law Firm LLP (England, Hong Kong), Joint-win Law Firm (China)
Coupon:	4.9%
Price:	Par
Yield:	4.9%
Call:	For taxation reasons at par
Change of control:	At par
Trade date:	Nov. 16
Settlement date:	Nov. 23
Listing date:	Nov. 24
Distribution:	Regulation S
ISIN:	XS2722132672

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