New Issue Commentary — China Cinda (2020) I Management Limited
Dealer commentary on this issuer’s latest new issue, summarised.
A dualtranche offering is currently in the market under the US$8.9 billion Medium Term Note Programme, comprising a 3.5year USD floatingrate note and a 2.5year HKD fixedrate note. Both tranches are senior unsecured obligations guaranteed by China Cinda (HK) Holdings Company Limited. Initial price guidance has been released as the transaction progresses.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| USD 3.5Y Floating Rate Notes | 3.5-year | SOFR Compounded Index + 140bps Area | USD | Benchmark | Senior unsecured | |
| HKD 2.5Y Fixed Rate Notes | 2.5-year | 5.15% area | HKD | Benchmark | Senior unsecured |