CATL issued 1.5 billion U.S.-dollar dual-tranche U.S.-denominated senior unsecured fixed rate notes on September 10, 2020.
Moody’s, S&P and Fitch Ratings assigned the company the guarantor ratings of “Baa1/BBB+/BBB+” and issued ratings of “Baa1/BBB+/BBB-”respectively. The money to be raised in the 5-year and 10-year tranches are expected to amount to 1 billion U.S. dollars and 500 million U.S. dollars respectively, with coupon rates of 1.875% and 2.625%. The pricing spread is T+165 basis points and T+200 basis points, which are 50 basis points and 55 basis points narrower respectively than the initial price guidelines. The order book exceeds 13.5 billion U.S. dollars, which is oversubscribed nine times.
The offshore bond issuance is also CATL’s successful debut in the overseas capital market. It further widens the company’s financing methods and optimizes financing structures, supporting its business development especially in overseas markets. The bond issuance also offers a solid foundation for the company to carry out its global strategies.
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