Cinda gets huge bid for aggressive AT1

China Cinda Asset Management topped up its capital with a $3.2 billion alternative tier one bond, generating blow-out demand despite an aggressive approach.

Cinda gets huge bid for aggressive AT1
China Cinda Asset Management, a giant distressed debt buyer, sold the first additional tier one deal from a Chinese non-bank financial institution on Friday.

The Hong Kong-listed bad-loan manager rated A3A-A by Moody's, Standard Poor's and Fitch raised $3.2 billion through the sale of a perpetual non-call five bond, getting huge demand from global investors.

The Reg-S bond was launched on Friday morning, and quickly generated orders of more than...

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