Cinda AMC tests offshore waters

摘要

CHINA CINDA ASSET MANAGEMENT, rated A3/A-/A, on Wednesday reopened the US dollar bond market for Chinese asset management companies with a US$1.7bn Additional Tier 1 capital offshore preference share offering, suggesting the market has at least partly moved on from the China Huarong Asset Management saga. The perpetual non-call five AT1 notes were priced at par, to yield 4.4%, inside initial guidance of the 4.8% area. The deal size matched the target that was sounded out to the market, but it did not use up the Rmb18bn-equivalent (US$2.82bn) quota Cinda was given by Chinese regulators. The Reg S transaction was the first offshore bond deal by a Chinese bad-debt manager since the problems at Huarong came to light in March, when it said its auditor needed more time to review the annual results for 2020 because of a mysterious pending transaction.