China Huarong Asset Management plans dollar-denominated perpetuals

By Marisa Wong

Morgantown, W.Va., Sept. 6 – China Huarong Asset Management Co., Ltd. announced it plans to issue dollar-denominated unsubordinated guaranteed perpetual securities under its $11 billion medium-term note program.

The notes will be issued through wholly owned subsidiary Huarong Finance II Co., Ltd. and guaranteed by wholly owned subsidiary China Huarong International Holdings Ltd.

Pricing will be determined through a book-building exercise.

The company named as joint lead managers Hongkong and Shanghai Banking Corp. Ltd., Huarong International Securities Ltd., ABCI Capital Ltd., Australia and New Zealand Banking Group Ltd., Bank of China Ltd., BOCI Asia Ltd., CCB International Capital Ltd., CLSA Ltd., China Minsheng Banking Corp. Ltd., Hong Kong Branch, Commerzbank AG, Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, Morgan Stanley & Co. International plc, Standard Charted Bank and Wing Lung Bank Ltd.

Proceeds will be used for working capital and general corporate purposes.

The MTN program was established on Jan. 5, 2015 and updated on May 20.

The state-owned asset manager is based in Beijing.

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