CMB Leasing juggles price and size for bond

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By Morgan Davis
29 Jan 2021

CMB Financial Leasing Co had to navigate hurdles around structure, timing and pricing for its dual-tranche bond outing this week, managing to bag $800m from a $2.7bn order book.

The borrower followed a structure typically used by the leasing arms of Chinese banks.

It issued the bonds through BBB+ rated CMB International Leasing Management, with A3/BBB+ rated CMB Financial Leasing providing a keepwell and asset purchase deed agreement. Chinese leasing companies often use a keepwell ...

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