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.
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 $10 billion. Bankers said this was partly helped by widespread investor appetite for new deals, which they hope will keep supply chugging along in the coming weeks. But the response to China Cinda's bond was...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222