Published on 2/2/2018 in the Prospect News Emerging Markets Daily.
New Issue: China Cinda prices $2.5 billion of bonds in four tranches
By Rebecca Melvin
New York, Feb. 2 – China Cinda Asset Management Co., Ltd. priced $2.5 billion of bonds in four tranches (expected ratings: Baa1/A-/A) under its medium-term note program, according to a news release.
China Cinda Finance (2017) I, a subsidiary of China Cinda, has issued the notes, which are guaranteed by China Cinda (HK) Holdings Co. Ltd. (Cinda HK), a wholly owned subsidiary of Cinda.
Proceeds of the Regulation S notes will be used for working capital, investment and other general corporate purposes.
The company priced $800 million of 3 7/8% five-year notes at 99.591, $300 million of 4 3/8% seven-year notes at 99.732, $1.2 billion of 4¾% 10-year notes at 99.717 and $200 million of 5% 30-year notes at 98.472.
Bank of China, BofA Merrill Lynch, China Construction Bank, ICBC, Agricultural Bank of China Ltd. Hong Kong Branch, Mizuho Securities, BNP Paribas, DBS Bank Ltd., Bank of Communications, CLSA, Haitong International, Cinda International, China Citic Bank International, China International Capital Corp., Morgan Stanley, ANZ, Industrial Bank Co., Ltd. Hong Kong Branch, HSBC, China Everbright Bank Hong Kong Branch, Standard Chartered Bank, Wing Lung Bank Ltd., Deutsche Bank and China Merchants Securities (HK) were the joint lead managers and joint bookrunners of the notes.
Based in Beijing, China Cinda provides asset management, consulting, investment, financial and risk management services to individuals and businesses.
| Issuer: | China Cinda Finance (2017) I Ltd.
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| Guarantor: | China Cinda (HK) Holdings Co. Ltd.
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| Parent company: | China Cinda Asset Management Co., Ltd.
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| Issue: | Guaranteed senior notes
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| Amount: | $2.5 billion
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| Bookrunners: | Bank of China, BofA Merrill Lynch, China Construction Bank, ICBC, Agricultural Bank of China Ltd. Hong Kong Branch, Mizuho Securities, BNP Paribas, DBS Bank Ltd., Bank of Communications, CLSA, Haitong International, Cinda International, China Citic Bank International, China International Capital Corp., Morgan Stanley, ANZ, Industrial Bank Co., Ltd. Hong Kong Branch, HSBC, China Everbright Bank Hong Kong Branch, Standard Chartered Bank, Wing Lung Bank Ltd., Deutsche Bank, China Merchants Securities (HK)
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| Settlement date: | Feb. 8
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A
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| Distribution: | Regulation S
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|
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| Five-year notes
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| Amount: | $800 million
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| Maturity: | Feb. 8, 2023
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| Coupon: | 3 7/8%
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| Price: | 99.591
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|
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| Seven-year notes
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| Amount: | $300 million
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| Maturity: | Feb. 8, 2025
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| Coupon: | 4 3/8%
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| Price: | 99.732
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| 10-year notes
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| Amount: | $1.2 billion
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| Maturity: | Feb. 8, 2028
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| Coupon: | 4¾%
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| Price: | 99.717
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| 30-year notes
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| Amount: | $200 million
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| Maturity: | Feb. 8, 2048
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| Coupon: | 5%
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| Price: | 98.472
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