By Marisa Wong
Los Angeles, Nov. 10 – China Development Bank Financial Leasing Co., Ltd. disclosed more details on its recently priced $500 million of 1˝% notes due 2023 (A1//A+).
The notes were priced at 99.909 to yield 1.531%, or Treasuries plus 135 basis points, well inside initial price guidance in the 170 bps area, according to a Tuesday press release.
The notes were issued by CDBL Funding 1 and are guaranteed by CDB Aviation Lease Finance DAC with the benefit of a keepwell and asset purchase deed provided by China Development Bank Financial Leasing.
Standard Chartered Bank, Bank of Communications, China Citic Bank International, Mizuho Securities, ANZ, Haitong International, ICBC Singapore, Guotai Junan International, CMB International, Natixis, China Minsheng Banking Corp. Ltd., Hong Kong Branch, ABC International, China Securities International and CTBC Bank are the joint lead managers and joint bookrunners for the Regulation S offering.
The new bonds achieved a negative new issue premium, as well as the lowest ever priced coupon for a China-based lessor’s dollar-denominated fixed-rate public bond, the company said on Tuesday.
Despite a congested primary market with 11 trades coming from China on the same day, orders were over $1.7 billion when final price guidance was announced, the release noted.
The bonds were issued under the company’s $3 billion medium-term note program.
Proceeds will fund new capital expenditure, debt refinancing, working capital and other general corporate purposes.
China Development Bank Financial Leasing is a subsidiary of Beijing-based China Development Bank.
| Issuer: | CDBL Funding 1
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| Guarantor: | CDB Aviation Lease Finance DAC with the benefit of a keepwell and asset purchase deed provided by China Development Bank Financial Leasing Co., Ltd.
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| Issue: | Notes
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| Amount: | $500 million
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| Maturity: | 2023
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| Bookrunners: | Standard Chartered Bank, Bank of Communications, China Citic Bank International, Mizuho Securities, ANZ, Haitong International, ICBC Singapore, Guotai Junan International, CMB International, Natixis, China Minsheng Banking Corp. Ltd., Hong Kong Branch, ABC International, China Securities International and CTBC Bank
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| Coupon: | 1˝%
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| Price: | 99.909
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| Yield: | 1.531%
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| Pricing date: | Oct. 28
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| Listing date: | Nov. 5
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| Listing: | Stock Exchange of Hong Kong Ltd.
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| Rating: | Moody’s: A1
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| Fitch: A+
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| Distribution: | Regulation S
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