China Cinda (HK)’s USD2 billion multi-tranche guaranteed notes issuance

The notes are unconditionally and irrevocably guaranteed by China Cinda (HK). This landmark transaction marks the first international bond issuance by an offshore arm of a Chinese asset management company (AMC) in 2021 with the largest issue size thus far in 2021 among all the Chinese offshore bond offerings on a Reg S basis. This transaction demonstrates significant confidence of international investors in the Chinese offshore debt securities market, and paves the way for similar issuances by other issuers in the same industry.

China Cinda (HK) is a wholly-owned subsidiary and the sole strategic offshore investing and financing platform of China Cinda Asset Management Co., Ltd. (中国信达资产管理股份有限公司) (China Cinda), one of the “Big Four” AMCs in China. With a successful track record of more than 20 years, China Cinda (HK) has been achieving its strategic mission by linking China Cinda with offshore capital markets and paving the way for overseas expansion. China Cinda (HK) is also dedicated to maintaining and enhancing its position as China Cinda’s overseas platform by leveraging the distinct expertise and competitive strengths of its subsidiaries and affiliates, including Nanyang Commercial Bank, Limited (南洋商業銀行) and China Cinda (HK) Asset Management Co., Limited (中國信達(香港)資產管理有限公司) and other financial institutions licensed for multiple lines of regulated financial activities.

This is the second time Allen & Overy has acted for the joint lead managers and joint bookrunners in relation to international bond issuances involving China Cinda (HK). We have previously advised on the international bond issuance in 2019 under the USD10bn medium term note programme of China Cinda Finance (2017) I Limited, which was guaranteed by China Cinda (HK) and which had the benefit of a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking provided by China Cinda. 

The A&O team on this transaction was led by partner John Lee and of counsel Jessica Li, with support from senior associate Joel Lam, associate Erica Lo and trainees Eugenia Wan and Harrison Chung.

Disclaimer: 

^{The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities referred to herein (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States}