On 16 October 2020, China Minsheng Banking Corp. Ltd., Hong Kong Branch (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.

AMTD has established a strong strategic partnership with China Minsheng Bank. On 24th November, 2017, AMTD and China Minsheng Bank Hong Kong Branch entered into a comprehensive strategic cooperation agreement, of which both parties will leverage the advantage of its platform and resources and collaborate in various aspects that will lead to a win-win cooperation for financial institutions in China and Hong Kong. These areas include corporate accounts business, treasury and corporate finance, fundraising in international capital markets, asset management, equity transaction, structural products, leverage buyout, internet platform and in the new economy-related industries. Following the issuance of the US$500mm 3-year fixed rate notes offering in April 2017, US$800mm floating rate notes offering in September 2017, US$700mm senior bond offering in November 2017 and US$1bn dual-tranche senior bond offering in March 2018, AMTD has assisted the Bank in all of its USD bond offerings in international debt capital markets since 2017. AMTD also led its US$159m ABS offering in September 2018, which was the first offshore ABS issuance by a Chinese joint-stock bank. Besides, in March 2019, AMTD also acted as Joint Global Coordinator to assist Minsheng Financial Leasing to issue US$450mm 3-year notes.

Mr. Du Yunfei (right), President of China Minsheng Bank Hong Kong Branch and Mr. Calvin Choi, Chairman and President of AMTD Group signed the Strategic Cooperation Agreement

The Transaction marks the Bank’s return to the international debt capital markets after over 2 years and achieved the lowest issue spread for a floating rate notes offering by the Bank. The Issuer, China Minsheng Banking Corp., Ltd., Hong Kong Branch, is rated BBB- Stable by S&P while both the MTN programme and the Transaction are rated BBB- by S&P. The final orderbook was over US$2bn, representing an oversubscription of 4x, which allowed the Bank to tighten the final pricing from its initial pricing guidance of 3mL+130bps area to 3mL+90bps, completing a remarkable transaction.

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