Recently, Minmetals Land Limited (230.HK, “Minmetals Land” or the “Company”) successfully priced its US$300m 4.95% 5-year senior fixed rate sustainable bond offering (the “Transaction”). AMTD acted as a Joint Bookrunner and Joint Lead Manager on the Transaction.

This is the first ever sustainable bond offering by Minmetals Land and the Company’s first USD bond offering since 2018, while achieving the lowest ever coupon rate and issue yield for a USD bond by the Company. The bond is issued by Expand Lead Limited, wholly-owned subsidiary of the Company, guaranteed by Minmetals Land, together with a Keepwell Deed provided by China Minmetals Corporation (Moody’s: Baa1 Stable/S&P: BBB+ Stable/Fitch: BBB+ Stable), who is the majority shareholder of the Company and one of the largest Central SOE conglomerates in China.

After securing significant anchor orders and indicative interest on the back of a full day of global investor calls, the Company announced an initial price guidance at 5.35% area for a new 5-year issue with issue size capped at US$300m. The strong orderbook allowed Minmetals Land to tighten final price guidance to 4.95% and achieved the target size of US$300m. The orderbook was in excess of US$1.7bn at its peak, representing an oversubscription of 6x.

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