New Issue: China Cinda prices $1 billion 3¼% guaranteed notes due 2027 at 99.945

By William Gullotti

Buffalo, N.Y., Jan. 31 – China Cinda (HK) Holding Co. Ltd., via subsidiary China Cinda (2020) I Management Ltd., priced $1 billion of 3¼% five-year guaranteed at 99.945 (A3/A-/A), according to a listing notice with an appended offering circular on Monday.

The notes are issued under the company’s $3 billion medium-term note program and will be guaranteed by the parent company.

The notes will have a make-whole call option equal to the greater of par and the sum of the remaining schedule of principal and interest discounted at Treasuries plus 25 basis points until three months prior to maturity followed by a par call. The minimum partial redemption amount is $200,000. The notes may also be called at any time for taxation reasons at par plus interest.

Agricultural Bank of China, ANZ, Bank of Communications, BofA Securities, China Citic Bank International, China Construction Bank, China Securities International, Cinda International, CLSA, DBS Bank Ltd., Nanyang Commercial Bank and Standard Chartered Bank are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Also serving as joint lead managers and joint bookrunners are Bank of China, BNP Paribas, China Everbright Bank Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., CNCB Capital, Credit Agricole CIB, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC, Industrial Bank Co., Ltd., Hong Kong Branch, Morgan Stanley and SMBC Nikko.

Proceeds will be used to refinance existing debt.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Jan. 31.

Based in Beijing, China Cinda provides asset management, consulting, investment, financial and risk management services.

Issuer:	China Cinda (2020) I Management Ltd.
Guarantor:	China Cinda (HK) Holdings Co. Ltd.
Amount:	$1 billion
Issue:	Guaranteed notes
Maturity:	Jan. 28, 2027
Bookrunners:	Agricultural Bank of China, ANZ, Bank of Communications, BofA Securities, China Citic Bank International, China Construction Bank, China Securities International, Cinda International, CLSA, DBS Bank Ltd., Nanyang Commercial Bank, Standard Chartered Bank, Bank of China, BNP Paribas, China Everbright Bank Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., CNCB Capital, Credit Agricole CIB, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC, Industrial Bank Co., Ltd., Hong Kong Branch, Morgan Stanley and SMBC Nikko
Counsel to issuer:	Linklaters (English), Haiwen & Partners (China), Walkers (Hong Kong) (BVI)
Counsel to bookrunners:	Davis Polk & Wardwell (English), King & Wood Mallesons (China)
Coupon:	3¼%
Price:	99.945
Calls:	Make-whole call prior to Oct. 28, 2026 at the greater of par and the sum of the remaining schedule of principal and interest discounted at Treasuries plus 25 bps; par call thereafter; partial redemptions subject to minimum of $200,000; at any time at par plus interest for taxation reasons
Change of control:	At 101 plus interest
Pricing date:	Jan. 24
Settlement date:	Jan. 28
Listing date:	Jan. 31
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	Regulation S
ISIN:	XS2436124205

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