HONG KONG Dec 6 China Cinda Asset Management
priced its 2 billion yuan ($321 million) three-year dim sum bond
at 4 percent, according to a term sheet obtained by Reuters on
Cinda is one of four giant asset managers set up by China in
1999 to remove an estimated 1.4 trillion yuan worth of bad loans
from China's top four lenders in one of the world's largest bank
"Demand for the bond is good," said a banker close to the
deal. "It was priced at the lower end of the final guidance of
The bond, issued through Bitronic Ltd, an indirect wholly
owned subsidiary of Cinda, will be settled on Dec. 12 and listed
in Hong Kong, the term sheet showed.
UBS, Wing Lung Bank and Standard Chartered Bank (Hong Kong)
are the joint global coordinators of the deal.
Agricultural Bank of China International, Bank of China Hong
Kong, BOC International, China Construction Bank International,
Cinda International Securities, CITIC Securities International,
Credit Suisse, Goldman Sachs (Asia), Morgan Stanley, Standard
Chartered (Hong Kong), UBS and Wing Lung Bank are joint lead
managers and bookrunners.
Dim sum bond sales in Hong Kong picked up in the past month
as China's economy showed signs of improvement and risk appetite
Offshore yuan bond issuance has amounted to 145.2 billion
yuan so far this year, according to Thomson Reuters statistics.
($1 = 6.2253 Chinese yuan)
(Reporting by Michelle Chen; Editing by Paul Tait)