Shangri-La Asia has issued its first panda bond, which is a first for a Hong Kong listed hospitality group.
The Rmb1 billion $140 million three-year note is jointly managed by Bank of China, China Merchants Securities and Mizuho Bank China, according to a June 5 media release.
Shangri-La had set up a Rmb20 billion medium term notes MTN programme, and this Rmb1 billion issuance is the first tranche of that programme and was subscribed 4.09 times. The coupon rate is 2.5% after achieving a AAA-rating by China Lianhe Credit Rating on both Shangri-La and the Rmb1 billion issue. Proceeds raised from the issuance will...
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