Company News - 24 March 2016

AMTD Group successfully completes Yunnan Provincial Investment’s US$300mm senior bond offering

On March 23, 2016, Yunnan Provincial Investment Holdings Group Co., Ltd. (the “Company”) successfully completed its debut Reg S US$300mm 3-year bond offering (the “Transaction”), whereby AMTD acted as a Joint Bookrunner.  On the back of an orderbook that was more than 10 times oversubscribed, the Transaction was priced at T+240bps (vs. T+270bps area initial price guidance) and with a coupon of 3.375%.  Despite the overwhelming demand, the Transaction size was capped at US$300mm from the onset.

 The Company is wholly owned by the State-Owned Assets Supervision and Administration Commission of Yunnan Provincial Government and obtained a first time BBB+ (stable outlook) rating from Fitch.  AMTD Group provided significant anchor demand for the Transaction and post this successful completion, AMTD has acted as Joint Global Coordinator and/or Joint Bookrunner on 4 bond offering transactions for Asian borrowers in the month of March, and is one of the most active participants in the Asian debt capital markets.

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