AMTD leads Fosun International $800 million bond offering
AMTD International served as a lead manager for Fosun International’s $800 million bond issue, marking the first major Chinese dollar-denominated debt deal following the Federal Reserve's rate hike.
Fosun International has priced an $800 million five-year senior unsecured bond offering, with AMTD acting as a joint bookrunner and joint lead manager. The transaction serves as the first dollar-denominated bond deal from a Chinese issuer following the U.S. Federal Reserve’s interest rate increase on March 16, 2017.
Market demand for the offering was significant, with the order book reaching $3.5 billion, representing an oversubscription of more than four times the initial issue size. This strong reception allowed the final pricing to be set at 5.25%, a 25-basis-point reduction from the initial guidance of 5.50%. The bonds are set to be listed on the Singapore Stock Exchange.
For AMTD, the Fosun deal marks the 28th offshore fundraising transaction completed over the past 12 months. The firm has increasingly positioned itself as a bridge for Chinese conglomerates and financial institutions seeking to tap into international debt capital markets, having executed eight such transactions in the first quarter of 2017 alone.