New Issue: China Orient’s Joy Treasure prices $550 million 5˝% three-year guaranteed notes at 99.334

By William Gullotti

Buffalo, N.Y., Feb. 2 – China’s Joy Treasure Assets Holdings Inc. priced $550 million of 5˝% guaranteed notes due 2027 (BBB/A-) at 99.334, according to a listing notice with an appended pricing supplement on Friday.

The notes are issued under the company’s new 12-month, $1.4 billion medium-term note program and guaranteed by parent China Orient Asset Management (International) Holding Ltd.

The notes feature a make-whole call at Treasuries plus 25 basis points, followed by a par call.

ABC International, Bank of China (Hong Kong), Bank of Communications, BOC International, China International Capital Corp., China Securities International, Citic Securities, Citigroup, Standard Chartered Bank, UBS, Agricultural Bank of China Ltd., Hong Kong Branch, BofA Securities, CCB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China Galaxy International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, Credit Agricole CIB, Deutsche Bank, Dongxing Securities (Hong Kong), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Soochow Securities (Hong Kong) are the joint lead managers and joint bookrunners for the syndicated offering, with ABC, Bank of China, Bank of Communications, BOC, China International Capital, China Securities, Citic Securities, Citigroup, Standard Chartered and UBS also serving as joint global coordinators.

Proceeds will be used to repay existing offshore debt.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Feb. 2.

China Orient Asset Management is a Beijing-based financial services firm.

Issuer:	Joy Treasure Asset Holdings Inc.
Guarantor:	China Orient Asset Management (International) Holding Ltd.
Amount:	$550 million
Issue:	Guaranteed notes
Maturity:	Feb. 1, 2027
Bookrunners:	ABC International, Bank of China (Hong Kong), Bank of Communications, BOC International, China International Capital Corp., China Securities International, Citic Securities, Citigroup, Standard Chartered Bank, UBS, Agricultural Bank of China Ltd., Hong Kong Branch, BofA Securities, CCB International, China Citic Bank International, China Everbright Bank Hong Kong Branch, China Galaxy International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, Credit Agricole CIB, Deutsche Bank, Dongxing Securities (Hong Kong), Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Soochow Securities (Hong Kong)
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Linklaters (Hong Kong), Jingtian & Gongcheng (China), Walkers (Hong Kong) (BVI)
Counsel to underwriters:	Davis Polk & Wardwell (Hong Kong), JunHe LLP (China)
Coupon:	5˝%
Price:	99.334
Call options:	Make-whole at Treasuries plus 25 bps until Nov. 1, 2026, par call thereafter; for taxation reasons, at any time, at par
Change of control:	At 101
Pricing date:	Jan. 25
Issue date:	Feb. 1
Listing date:	Feb. 2
Ratings (expected):	S&P: BBB
	Fitch: A-
Distribution:	Regulation S
ISIN:	XS2757520452

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