Company News - 27 October 2017

AMTD completes US$200mm senior perpetual bond for CSI Properties

On September 13 2017, CSI Properties Limited (“CSI” or “the Company”, 497.HK) successfully priced its Reg S US$200mm senior perpetual capital securities (“the Transaction”), with AMTD appointed as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager. The Transaction also marks the 15th offshore debt offerings completed by AMTD year-to-date, which demonstrates AMTD’s execution capabilities in assisting leading Chinese and Hong Kong property developers to tap the offshore USD bond market.

The guarantor of the Transaction is CSI Properties Limited while both the Company and the Transaction are unrated. Benefited from CSI’s high-quality portfolio, stable recurring rental income base, solid execution capabilities and excellent market reputation, coupled with the efforts of the syndicate group including AMTD, the Transaction was extremely successful and well received by the market, which indicates the strong confidence and acknowledgement in the Company’s continued success in the market.

AMTD acted as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of the Transaction. Final pricing was tightened from the initial price guidance of 6% area to 5.75%. The 25bps drop is one of the largest price guidance tightening of Chinese Property high-yield USD bonds this year. Other syndicate banks of the Transaction comprised of DBS, HSBC, J.P. Morgan, UBS, China Merchants Securities (Hong Kong), ICBC International and Oceanwide Securities.

AMTD has completed 53 and 33 offshore bond offerings since 2016 and this year respectively, demonstrating AMTD’s influence and strong execution capability in the international debt capital markets. AMTD has maintained a long term relationship with various bond issuers and has repeatedly assisted them to tap the most constructive window in the international debt capital markets. In addition to working with CSI, AMTD has repeatedly served multiple Chinese and Hong Kong property developers for their USD bond issuances, including China Aoyuan Property Group (3883.HK), LVGEM (China) (95.HK), China Logistics Property Holdings (1589.HK), Oceanwide Holdings (000046.SZ), Logan Property (3380.HK), Yida China (3639.HK), Yango Holdings, China South City (1668.HK), Yuzhou Properties (1628.HK), Guangzhou R&F (2777.HK), Ronshine China (3301.HK), Xinhu Zhongbao (600208.CH), Jiayuan International (2768.HK), Regal Hotels (78.HK) and Far East Consortium International (35.HK) etc.

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