China Orient Asset Management Sells First Dollar Bond Since 2020
- The 3-year, $550m note was priced at 155bps over Treasury
- Moody’s, Fitch cut Chinese AMCs ratings on weak state support
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One of China’s largest bad-debt managers, China Orient Asset Management International Holding Ltd., sold a dollar note for the first time in more than three years, amid a slow start to the ex-Japan Asia dollar-bond market and broader pessimism on Chinese securities.
A unit of China Orient sold a 3-year, $550 million dollar bond at a 5.5% coupon rate, according to a person familiar with the matter. Proceeds of the note, which is guaranteed by China Orient, will be used for refinancing, said the person, who asked not to be identified because they’re not authorized to speak about it. The last time the company tapped the dollar-bond market was when it sold $750 million of dual-tranche bonds in 2020.