Published on 11/7/2019 in the Prospect News Emerging Markets Daily.
New Issue: China Huarong sells $1 billion of 3¼%, 3 7/8% notes due 2024, 2029
By Sarah Lizee
Olympia, Wash., Nov. 7 – China Huarong Asset Management Co., Ltd. priced $500 million of 3¼% notes due 2024 at 99.776 and $500 million of 3 7/8% notes due 2029 at 99.827, according to an announcement.
The notes (Baa1//A) are being issued out of the company’s $2.9 billion medium-term note program by wholly owned subsidiary Huarong Finance 2019 Co., Ltd.
The notes are guaranteed by China Huarong International Holdings Ltd.
Joint lead managers are Australia and New Zealand Banking Group Ltd., Bank of China Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Goldman Sachs (Asia) LLC, Huarong International Securities Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., China Citic Bank International Ltd., Citigroup Global Markets Ltd., CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Huatai Financial Holdings (Hong Kong) Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Merrill Lynch (Asia Pacific) Ltd., Morgan Stanley & Co. International plc and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch.
Proceeds will be used for repaying the principal of outstanding offshore notes when due.
The state-owned asset manager is based in Beijing.
| Issuer: | Huarong Finance 2019 Co., Ltd.
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| Guarantor: | China Huarong International Holdings Ltd.
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| Issue: | Notes
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| Amount: | $1 billion
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| Bookrunners: | Australia and New Zealand Banking Group Ltd., Bank of China Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Goldman Sachs (Asia) LLC, Huarong International Securities Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, CCB International Capital Ltd., China Citic Bank International Ltd., Citigroup Global Markets Ltd., CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd., Huatai Financial Holdings (Hong Kong) Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Merrill Lynch (Asia Pacific) Ltd., Morgan Stanley & Co. International plc and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 13
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| Expected ratings: | Moody’s: Baa1
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| Fitch: A
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| 2024 notes
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| Amount: | $500 million
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| Maturity: | Nov. 13, 2024
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| Coupon: | 3¼%
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| Price: | 99.776
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| 2029 notes
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| Amount: | $500 million
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| Maturity: | 2029
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| Coupon: | 3 7/8%
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| Price: | 99.827
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