New Issue: China Huarong prices $1.9 billion of notes in three tranches

Chicago, May 23 – China Huarong Asset Management Co., Ltd. priced $1.9 billion in three tranches, $300 million of 3 3/8% guaranteed notes due May 29, 2022, $900 million of 3¾% guaranteed notes due May 29, 2024 and $700 million of 4½% notes due May 29, 2029, according to a company announcement.

The notes (expected Baa1//A) will be issued through wholly owned subsidiary Huarong Finance 2019 Co., Ltd. and guaranteed by another wholly owned subsidiary, China Huarong International Holdings Ltd.

Joint lead managers are Australia and New Zealand Banking Group Ltd., Bank of China Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, BOCI Asia Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Huarong International Securities Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, ABCI Capital Ltd., Bison Bank, SA, Cathay United Bank Co., Ltd., CCB International Capital Ltd., China Citic Bank International Ltd., China International Capital Corp. Hong Kong Securities Ltd., China Merchants Securities (HK) Co., Ltd., Citigroup Global Markets Ltd., CLSA Ltd., CTBC Bank Co., Ltd., DBS Bank Ltd., Deutsche Bank AG, Hong Kong Branch, ICBC International Securities Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Merrill Lynch (Asia Pacific) Ltd., Nomura International (Hong Kong) Ltd., SPDB International Capital Ltd. and United Overseas Bank Ltd.

The 2022 notes priced at 99.771.

The 2024 notes priced at 99.883.

And, the 2029 notes priced at 99.737.

The three tranches will be issued under the company’s $2.9 billion medium-term note program.

Proceeds will be used for repaying the principal of outstanding offshore notes when due.

The state-owned asset manager is based in Beijing.

Issuer:	Huarong Finance 2019 Co., Ltd.
Guarantor:	China Huarong International Holdings Ltd.
Issue:	Guaranteed notes
Amount:	$1.9 billion
Lead managers:	Australia and New Zealand Banking Group Ltd., Bank of China Ltd., Bank of Communications Co., Ltd. Hong Kong Branch, BOCI Asia Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CMBC Securities Co. Ltd., Credit Suisse (Hong Kong) Ltd., Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Huarong International Securities Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank, ABCI Capital Ltd., Bison Bank, SA, Cathay United Bank Co., Ltd., CCB International Capital Ltd., China Citic Bank International Ltd., China International Capital Corp. Hong Kong Securities Ltd., China Merchants Securities (HK) Co., Ltd., Citigroup Global Markets Ltd., CLSA Ltd., CTBC Bank Co., Ltd., DBS Bank Ltd., Deutsche Bank AG, Hong Kong Branch, ICBC International Securities Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Merrill Lynch (Asia Pacific) Ltd., Nomura International (Hong Kong) Ltd., SPDB International Capital Ltd. and United Overseas Bank Ltd.
Pricing date:	May 23
Settlement date:	May 29
Ratings:	Moody’s: Baa1
	Fitch: A
2022 notes
Amount:	$300 million
Maturity:	May 29, 2022
Coupon:	3 3/8%
Price:	99.771
2024 notes
Amount:	$900 million
Maturity:	May 29, 2024
Coupon:	3¾%
Price:	99.883
2029 notes
Amount:	$700 million
Maturity:	May 29, 2019
Coupon:	4½%
Price:	99.737

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