Green Bond Fact Sheet

Shenyang Metro

Date: 28/04/2020

Issue date: 24-04-2020 Maturity date: 24-04-2030 Tenor: 10Issuer name

Shenyang Metro Co.
LtdAmount issued

CNY5bn/USD707.2m

Country of risk

China

CBI Database

Included

Issuer type1

Government-Backed
EntityBond type

Unsecured GB in MTN

Second party opinion

Lianhe Equator

Green bond framework
Certification Standard

Not certified

Assurance report

N/A

Certification verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☒ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The issuer will disclose to the market if the use of proceeds categories is changed.
Shenyang Metro Group Co., Ltd is a large state-owned company that operates passenger
transport businesses. It offers urban rapid rail transit construction, operation, andmanagement services in Shenyang city. Shenyang Metro also conducts advertising,catering, steel materials distribution, and leasing businesses.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

Underwriters

All proceeds will be used to finance and refinance five metro lines in Shenyang City(specifically Metro Lines 1, 2, 4, 9 and 10). Lianhe Equator provided a second party opinion
report for this bond. The expected climate impact of this bonds is estimated to be a
reduction of 25.44 tons of CO2 emissions as fundraised projects contribute to city’stransition away from reliance on traditional transportation mode (reduce urban motor
vehicle traffic).

Disclosure is provided on the energy consumption and estimated environmentalbenefits of the bond’s used of proceeds (i.e. operation data includes calculation ofHC CO, NOx and PM10 emissions). Projects are also in line with our green bondtaxonomy LCT category. Since urban rail is one of the one of most financed green
bond project types, we expect to see even more green bonds in the future
providing funds for metro, light rail and intercity rail transit, given the ambitious
urbanisation plans laid out by the Chinese government.
China Merchants Bank

Deal comments
Credit rating

AAA (Lianhe Credit Rating)

Pricing summary•••

Investors summary

Coupon: 4.510%
Price: 100.000%
Yield: 4.510%

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Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign