On 20th July 2020, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch (“SPDB HK” or the “Bank”) successfully priced its US$500m 3-year floating rate Reg S senior notes (the “Transaction”). AMTD acted as a Joint Bookrunner and Joint Lead Manager on the Transaction.
This Transaction represents the first USD bond issuance for the Bank since September 2018 when it completed a 3-year USD500m floating rate senior notes offering.
The Transaction received strong interest from investors with orderbook being filled quickly with high-quality names, reaching a total of US$2.3bn at its peak, amounting to nearly 4.6 times oversubscription. The robust orderbook demand allowed SPDB HK to price the deal at 3mL+85 bps, which was 40 bps tighter than the initial price guidance of 3mL+125 bps area.
This Transaction further solidifies AMTD’s long term cooperation with SPDB HK in the international capital markets. To date, AMTD has participated in all three of SPDB HK’s offshore bond offerings since 2017.