China Huarong signals buybacks from 23 series

By William Gullotti

Buffalo, N.Y., Sept. 30 – China Huarong International Holdings Ltd., in its capacity as guarantor for its parent company China Huarong Asset Management Co., Ltd., announced it will commence buybacks of guaranteed notes and guaranteed perpetuals involving 23 series of notes, according to a notice on Friday.

The intended repurchase transactions will take place on the open market, specifically targeting the company’s

• $200 million 5½% guaranteed notes due 2047;

• $700 million 4.95% guaranteed notes due 2047;

• $700 million 3 3/8% guaranteed notes due 2030;

• $350 million 3 5/8% guaranteed notes due 2030;

• $500 million 3 7/8% guaranteed notes due 2029;

• $700 million 4½% guaranteed notes due 2029;

• $850 million 4Ύ% guaranteed notes due 2027;

• $1.1 billion 4Ό% guaranteed notes due 2027;

• $900 million 4 5/8% guaranteed notes due 2026;

• $650 million 4 7/8% guaranteed notes due 2026;

• S$400 million 3.8% guaranteed notes due 2025;

• $300 million guaranteed floating rate notes due 2025;

• $800 million 5% guaranteed notes due 2025;

• $1.4 billion 5½% guaranteed notes due 2025;

• $500 million 3Ό% guaranteed notes due 2024;

• $900 million 3Ύ% guaranteed notes due 2024;

• $400 million 2½% guaranteed notes due 2023;

• $400 million guaranteed floating-rate notes due 2023;

• $600 million 2 1/8% guaranteed notes due 2023;

• $550 million guaranteed floating-rate notes due 2023;

• $600 million guaranteed floating-rate notes due 2022;

• $250 million subordinated guaranteed perpetual securities; and

• $700 million unsubordinated guaranteed perpetual securities.

According to the notice, there is no assurance on the timing, amount or price of any purchase of notes. Likewise, the notice indicated that it is possible that the company, subsidiaries included, may elect to not buy back any notes at all.

The state-owned asset manager is based in Beijing.

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