New Issue: Nanyang Commercial prices $1.2 billion subordinated capital securities

New York, May 25 – Nanyang Commercial Bank, Ltd. priced $1.2 billion of non-cumulative subordinated additional tier 1 capital securities (Ba2), according to an announcement from parent company China Cinda Asset Management Co., Ltd.

The securities, priced at par, pay a coupon of 5% until June 2, 2022. The distribution then resets periodically.

They are callable beginning on June 2, 2022.

UBS AG Hong Kong Branch, BOCI Asia Ltd., CLSA Ltd., Credit Suisse (Hong Kong) Ltd., Merrill Lynch International, Cinda International Capital Ltd. and Cinda International Securities Ltd. are joint global coordinators, joint bookrunners and joint lead managers. Also acting as joint bookrunners and joint lead managers are CCB International Capital Ltd., Australia and New Zealand Banking Group Ltd., Morgan Stanley & Co. International plc, Wells Fargo Securities International Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Deutsche Bank AG, Hong Kong Branch.

Proceeds will be used for general corporate purposes.

Nanyang Commercial is a Hong Kong-based bank. China Cinda is a Beijing-based provider of asset management, consulting, investment, financial and risk management services to individuals and businesses.

Issuer:	Nanyang Commercial Bank, Ltd.
Issue:	Non-cumulative subordinated additional tier 1 capital securities
Amount:	$1.2 billion
Coupon:	5%, resets on June 2, 2022 and periodically
Price:	Par
Call:	June 2, 2022
Bookrunners:	UBS AG Hong Kong Branch, BOCI Asia Ltd., CLSA Ltd., Credit Suisse (Hong Kong) Ltd., Merrill Lynch International, Cinda International Capital Ltd., Cinda International Securities Ltd. (global coordinators), CCB International Capital Ltd., Australia and New Zealand Banking Group Ltd., Morgan Stanley & Co. International plc, Wells Fargo Securities International Ltd., China International Capital Corp. Hong Kong Securities Ltd., Deutsche Bank AG, Hong Kong Branch
Ratings:	Moody’s: Ba2
Pricing date:	May 25
Settlement date:	June 2

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