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Published on 4/29/2024 in the Prospect News Emerging Markets Daily.

New Issue: China’s Sanming City Construction prices RMB 650 million 5% bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 29 – Sanming City Construction and Development Group Co., Ltd. sold RMB 650 million of 5% bonds due 2027 at par, according to a listing notice and an offering circular on Monday.

Haitong Bank, Haitong International, Huatai International, Bank of China, CNCB Capital, Sigma Capital, CEB International, Central International Securities, China Galaxy International, China Industrial Securities International, China International Capital Corp., China Securities International, Citic Securities, CMBC Capital, Guolian Securities International, Guotai Junan International, Guoyuan Securities (Hong Kong) and JQ Securities are the joint lead managers and joint bookrunners for the offering, with Haitong Bank, Haitong International, Huatai, Bank of China, CNCB and Sigma also serving as joint global coordinators.

Haitong Securities Co., Ltd. is the PRC coordinator.

Proceeds will be used for project construction.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 29.

Sanming City Construction offers infrastructure construction services.

Issuer:Sanming City Construction and Development Group Co., Ltd.
Amount:RMB 650 million
Issue:Bonds
Maturity:April 26, 2027
Bookrunners:Haitong Bank, Haitong International, Huatai International, Bank of China, CNCB Capital, Sigma Capital, CEB International, Central International Securities, China Galaxy International, China Industrial Securities International, China International Capital Corp., China Securities International, Citic Securities, CMBC Capital, Guolian Securities International, Guotai Junan International, Guoyuan Securities (Hong Kong) and JQ Securities
PRC coordinator:Haitong Securities Co., Ltd.
Trustee:CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:Wan Ao Law Firm (China)
Counsel to underwriters:DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Beijing DeHeng Law Offices (China)
Coupon:5%
Price:Par
Yield:5%
Call:For taxation reasons at par
Puts:At 101 for a change of control; at par for a non-registration event
Pricing date:April 19
Settlement date:April 26
Listing date:April 29
Distribution:Regulation S
ISIN:HK0001003661

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