China Cinda prices first PRC asset management dim sum

China Cinda Asset Management closed a Rmb2 billion $321 million dim sum bond on Wednesday the first dim sum bond from a Chinese asset manager. The deal was also the largest unrated dim sum bond from a Chinese state-owned enterprise this year.

China Cinda is 83%-owned by China’s Ministry of Finance and UBS, Citic Capital, Standard Chartered and National Social Security Fund hold the rest. It was one of four asset managers set up in 1999 to take on the non-performing loans held by China’s state-owned banks.

The issuer was Bitronic, a British Virgin Islands company, and there is a keepwell agreement with China Cinda. Such...