Following the issuance of the 5-year dollar-denominated bonds worth USD 600 million in September 2013, China Orient International successfully priced the RMB 2.5 billion 3-year offshore RMB-denominated dim sum bonds. COAMC thus became the first state-owned AMC that had issued both USD and RMB bonds.

Guaranteed by China Orient International and with the benefit of a keep well deed and an equity interest purchase and investment undertaking commitment provided by COAMC, these dim sum bonds were issued by Starway Assets Enterprises Inc., a wholly-owned subsidiary of China Orient International. BOC acted as the global coordinator, and the joint book-runners and joint lead managers included BOC International, ABC International, Standard Chartered Bank, and UBS.

On January 15th, the bonds were oversubscribed by more than three times. The interest rate was set at 4.1%. Hong Kong investors got 81% of the bonds, Singaporean investors 8% and European investors 11%. By investor type, 58% of the bonds were allocated to fund investors; 22% to commercial banks; 19% to private banks and 1% was allocated to other investors. The dim sum bonds were very popular among investors not only from Hong Kong, but also other regions around the world, demonstrating that the world market had strong confidence in our bonds and our corporation.

The bonds received an “A-” rating from Fitch and a “BBB” rating from S&P. These two rating agencies granted our corporation “A+, stable outlook” and “BBB+, stable outlook” ratings, respectively.

The issue took less than 20 days from preparations to pricing, and only one day from launch to pricing. It was a milestone for China Orient International in the international bond markets.

The issue of the USD-denominated bonds by China Orient International last September following the roadshow was very successful. Such bonds have also performed well in the secondary market. As a result, the international reputation of China Orient International had been strengthened following such issuance, leading to a significant increase of international investor confidence in China Orient International, which contributed to the issue of the RMB 2.5 billion RMB dim sum bonds being highly efficient.　

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