CMBI acts as Joint Global Coordinator and Joint Bookrunner for the US$750mm 4.5NC2.5 Senior Notes of Sunac China Holdings Limited (Stock code: 1918.HK)

Transaction Overview

■ Sunac China Holdings Limited issued US$750mm 4.5NC2.5 Senior Notes on April8th Issuer rating: Ba3 (Stable) / BB- (Stable) / BB (Stable) (Moody’s / S&P / Fitch); Issue rating: B1 / B+ / BB (Moody’s / S&P / Fitch), with CMBI acting as Joint Global Coordinator and Joint Bookrunner for the 7th time for the Company

■ CMBI has closely monitored and updated the market for issuers and helped the issuer grab the market window after receiving warm market response. On the pricing date, the transaction was started with IPG of 8.500%, soon the order book has exceeded the company’s expected scale. In the afternoon, the order book has been accumulated over US$2.2bn. Due to the enthusiastic pursuit of investors, the final price was tightened to 8.250%with more than US$1.5bn orders from 71 investor accounts received. Among all the investor accounts we received, 86% were from Asia and 14% were from Europe; 50% were funds, 27% were banks and financial institutions and 23% were private banking.

■ Sunac has been very active in the offshore bond market, with which CMBI has built a constructive relationship. So far from 2017, CMBI has participated in the following 6 transactions for Sunac:

■ US$1bn dual-tranche on August 2017

■ US$1.1bn dual-tranche on April 2018

■ US$400mm 2-year senior notes issuance on July 2018

■ US$350mm 2-year senior notes issuance on November 2018

■ US$600mm 2-year senior notes issuance on January 2019

■ US$800mm 3NC2 senior notes issuance on February 2019

Besides, CMBI closely follow up on the Issuer’s needs and gained their trust with the long-established relationship.

Source: Bloomberg


Offering Summary


Sunac China Holdings Limited

Issuer Ratings:

Ba3 Stable / BB- Stable / BB Stable

(Moody’s/ S&P/ Fitch)

Bond Ratings:

B1 / B+ / BB (Moody’s/ S&P/ Fitch)

Issue Size:

US$750mm, new issue





Issue Price:


Pricing Date

8 April 2019

Listing exchange:

Singapore Exchange


About Sunac China Holdings Limited

Sunac China Holdings Limited (“Sunac China”) is a listed company on the Hong Kong Stock Exchange. Guided by its brand positioning of “Passion for Perfection”, the company is committed to providing complete solutions for Chinese families to enjoy a better life by integrating high-end residential, entertainment, commercial and other resources through high-quality and diversified products or services.

After years of steady development, Sunac China has established its competitive advantage in the industry, and is widely recognized by customers as an integrated service provider that provides Chinese families with a better life.

Sunac China has four strategic deployments: Sunac Real Estate Group, which persists in “advantageous national locations and high-end positioning strategy”; Sunac Services, which is positioned as a "quality life service expert"; Sunac Culture & Tourism Group , which is guided by the vision of being a "leading family entertainment service operator in China"; and Sunac Culture Group, which strives to be the “leading enterprise in China’s cultural industry”, focusing on content and deployment in the entire cultural industry chain. The company's business covers high-end residential properties, cultural tourism, industrial real estate, commercial properties, hotels, property services, entertainment content production and distribution, integration services for film and television shooting, etc.


Source: Company website

Publish Date:2019-04-16

Address: 45th & 46th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong

Telephone: (852)3900 0888 Fax:(852)3761 8788

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