Avic tackles refi needs head-on with $400m bond

Avic International Holding Corp has raised $400m to address an upcoming bond maturity, finding enough support for a twice covered transaction. But the pricing reflected some weakness in the lower end of the Chinese investment grade curve.

  • By Addison Gong
  • 16 May 2018

The —/BBB-/A- rated company is over 60%-owned by Avic Group, or Aviation Industry Corporation of China, a central state-owned enterprise (SOE). The parent specialises in aerospace and defense with businesses both on the commercial as well as military sides.

Avic International last sold public dollar bonds back in 2013, ...

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Rank Arranger Share % by Volume
1 China Merchants Securities Co 14.44
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5 UBS 1,022.45 9 5.23%

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