AMTD completes US$800mm senior bond offerings for CMBC HK

On 5 September, 2017, China Minsheng Banking Corp. Ltd. (1988.HK, “China Minsheng Bank” or the “Bank”) successfully priced its Reg S bond offering of US$450mm 3-year senior floating rate note (“FRN”) and US$350mm 5-year senior FRN (the “Transaction”) through its Hong Kong Branch‘s existing US$5.0bn MTN Programme, with AMTD acting as the Joint Bookrunner and Joint Lead Manager. Following the issuance of the US$500mm 3-year senior bond offering in April this year, AMTD has once again assisted the Bank to raise capital in overseas debt capital market within a few months. The Transaction also represents the 7th overseas bond offerings of Chinese financial institutions assisted by AMTD year-to-date, demonstrating AMTD’s ability to provide services for different types of financial institutions through various overseas fundraising channels.

Issuer is China Minsheng Banking Corp., Ltd., Hong Kong Branch and is rated BBB (S&P) while both the MTN programme and the Transaction are rated BBB (S&P). The Transaction represents the 3rd drawdown of the Bank’s US$5.0bn MTN programme.

Benefited from China Minsheng Bank’s strong financial performance and quality assets, prudent risk management systems and synergies achieved among its three major business segments, coupled with the efforts of the syndicate group including AMTD, the Transaction was extremely successful and well received by the market. Final orderbook was over US$1.75bn or oversubscribed by near 2 times, which allows the Bank to tighten the final prices of the 3-year and 5-year FRNs from their initial pricing guidance of 3mL+115bps area and 3mL+125bps area to 3mL+90bps and 3mL+100bps respectively.

The Transaction represents the 45th offshore bond offering completed by AMTD in the past 18 months and the 25th deal this year, demonstrating AMTD’s influence and strong execution capability in the international debt capital markets. In addition, AMTD has served multiple Chinese and overseas financial institutions to conduct fundraising in the international capital markets since 2016. Apart from assisting China Minsheng Bank Hong Kong Branch to complete its overseas bond offerings, AMTD has also completed USD bond offerings for Sun Hung Kai & Co. (86.HK), China Huarong Asset Management (2799.HK), Sirius International Insurance Group, Zhongrong International Trust, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Zhongtai International and Fenghui Leasing; as well as the H-share IPOs of Everbright Securities (6178.HK), Guangzhou Rural Commercial Bank (1551.HK), Zhongyuan Bank (1216.HK), Bank of Tianjin (1578.HK) and Bank of Qingdao (3866.HK) etc.