New Issue: Jiangsu Zhongwu prices RMB 189.5 million 3½% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., Feb. 22 – China’s Jiangsu Zhongwu Urban Rural Investment Development Group Co., Ltd. priced RMB 189.5 million of 3½% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.

The bonds are supported by an irrevocable standby letter of credit provided by Bank of Nanjing, Xuzhou Branch.

CMB International, Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, Citic Securities, CNCB Capital, Huatai International, Shenwan Hongyuan (H.K.), Sinolink Securities (HK), SunRiver International Securities Group Ltd., TF International and Zhongtai International are the joint lead managers and joint bookrunners for the Regulation S offering, with CMB further serving as sole global coordinator.

China Post Securities Co., Ltd. is the PRC coordinator.

Proceeds will be primarily used to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 22.

Located and operating in Xinyi City of China’s Jiangsu Province, the issuer manages and operates state-owned assets.

Issuer:	Jiangsu Zhongwu Urban Rural Investment Development Group Co., Ltd.
LoC issuer:	Bank of Nanjing, Xuzhou Branch
Amount:	RMB 189.5 million
Issue:	Credit enhanced bonds
Maturity:	Feb. 21, 2027
Bookrunners:	CMB International, Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, Citic Securities, CNCB Capital, Huatai International, Shenwan Hongyuan (H.K.), Sinolink Securities (HK), SunRiver International Securities Group Ltd., TF International and Zhongtai International
PRC coordinator:	China Post Securities Co., Ltd.
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to issuer:	Fangda Partners (England), Jiangsu Suyuan Law Firm (China)
Counsel to underwriters:	Linklaters (England), Hylands Law Firm (China)
Coupon:	3½%
Price:	Par
Yield:	3½%
Call:	For taxation reasons at par
Puts:	At par upon change-of-control or no registration event
Pricing date:	Feb. 5
Issue date:	Feb. 21
Listing date:	Feb. 22
Distribution:	Regulation S
ISIN:	HK0000987518

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