CDB Aviation Subsidiary CDBL FUNDING 1 Prices USD 700 Million Dual-Tranche Senior Unsecured Notes
This marks CDB Aviation's return to the international bond market after a four-year hiatus, during which we relied more heavily on bank financing. This issuance is a key milestone in executing our long-term funding strategy.
The Notes were issued under its USD 3.0 billion Medium Term Note Program in Regulation S format, with the full support of its guarantor, CDB Aviation, and the keepwell and asset purchase deed provider, China Development Bank Financial Leasing Co., Ltd. (HKEX: 1606).
The offering consists of:
5-year USD 400 million senior fixed rate notes bearing a 4.750% coupon, priced at T5+75bps, representing a 40bps tightening from IPG; and
5-year USD 300 million senior floating rate notes, priced at SOFR + 80bps, tightening by 50bps from IPG.
The transaction attracted strong demand from a broad base of global investors, with the orderbook peaking at over USD 4 billion and final allocations made to approximately 100 institutional accounts.
'This marks CDB Aviation's return to the international bond market after a four-year hiatus,' said Jie Chen, Chief Executive Officer of CDB Aviation. 'This issuance is a key milestone in executing our long-term funding strategy. By diversifying our funding sources, optimizing our debt structure, and having a better matching of assets with our liabilities, we are positioning CDB Aviation for sustainable, long-term growth.'
The deal was jointly led by a consortium of leading global financial institutions. Standard Chartered Bank, Morgan Stanley, Goldman Sachs (Asia) L.L.C., China CITIC Bank International, China Securities International, and Bank of China acted as Joint Global Coordinators, Joint Lead Managers, and Joint Bookrunners. Additional Joint Lead Managers and Bookrunners included HSBC, China Everbright Bank Hong Kong Branch, Crédit Agricole CIB, Industrial Bank Co., Ltd. Hong Kong Branch, DBS Bank Ltd., and China Minsheng Banking Corp., Ltd. Hong Kong.
Forward-Looking Statements
This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation's business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'may,' 'will,' 'seek,' 'continue,' 'aim,' 'anticipate,' 'target,' 'projected,' 'expect,' 'estimate,' 'intend,' 'plan,' 'goal,' 'believe,' 'achieve' or other terminology or words of similar meaning. These statements are based on the current beliefs and expectations of CDB Aviation's management and are subject to significant risks and uncertainties. Actual results and outcomes may differ materially from those expressed in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. ('CDB Leasing') a 40-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody's (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is one of the world's largest development finance institutions. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China's leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero
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