New Issue: Chongqing Xinshuangquan details RMB 452.4 million sale of 7½% bonds due 2026

By William Gullotti

Buffalo, N.Y., March 14 – China’s Chongqing Xinshuangquan Urban Construction and Development Co., Ltd. detailed its RMB 452.4 million of 7½% bonds due 2026 that priced at par after the market closed on March 6 in a listing notice with an appended offering circular on Thursday.

Shenwan Hongyuan (H.K.), Fortune Origin Securities Ltd., China Galaxy International, Head & Shoulders Securities, Cinda International, Conrad Investment, Tung Yat Securities Ltd. and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners for the Regulation S offering, with Shenwan Hongyuan and Fortune Origin also acting as joint global coordinators.

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

Listing for bonds is expected on the Hong Kong Exchange effective March 14.

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.
Amount:	RMB 452.4 million
Issue:	Bonds
Maturity:	March 13, 2026
Bookrunners:	Shenwan Hongyuan (H.K.), Fortune Origin Securities Ltd., China Galaxy International, Head & Shoulders Securities, Cinda International, Conrad Investment, Tung Yat Securities Ltd. and Dingxin (Securities) Ltd.
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), Shanghai Landing (Chongqing) Law Firm (China)
Coupon:	7½%
Price:	Par
Yield:	7½%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Trade date:	March 6
Settlement date:	March 13
Listing date:	March 14
Distribution:	Regulation S
ISIN:	HK0000993201

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