AMTD assists Fosun in $800 Million Bond Offering
AMTD acted as joint bookrunner and joint lead manager for Fosun International's $800 million, 5-year senior unsecured bond offering completed on March 16, 2017.
AMTD International Inc. served as a joint bookrunner and joint lead manager for Fosun International's successful $800 million, 5-year senior unsecured bond offering, which priced on March 16, 2017. The transaction marks the first USD bond deal in Asia by a Chinese issuer following the U.S. Federal Open Market Committee's rate hike on the same day.
Fosun International, rated Ba3 by Moody's and BB by S&P, issued the bonds through a special purpose vehicle, Fortune Star (BVI) Limited, with the company providing a direct guarantee. The bonds will be listed on the Singapore Stock Exchange.
Fosun International is a major privately owned enterprise in China with diversified interests in healthcare, property, consumer services, and strategic investments. AMTD has facilitated access to international capital markets for several large Chinese conglomerates through USD bond issuances over the past year.
Despite the recent interest rate increase, the bond offering was well-received by international capital markets, attracting an order book of $3.5 billion, more than four times the offering size. The pricing was tightened by 25 basis points to 5.25% from the initial guidance. AMTD played a significant role in securing orders and was allocated a substantial portion of the offering.