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Fitch: China Cinda Asset Management upsizes note program

China Cinda Asset Management Co. Ltd. upsized its 2017 medium-term note program to US$10 billion from US$3 billion, Fitch Ratings said Feb. 6.

Meanwhile, China Cinda Finance (2017) I Ltd., an offshore special-purpose vehicle owned indirectly by China Cinda Asset Management, issued US$2.50 billion worth of senior unsecured notes under the 2017 note program, according to Fitch.

Specifically, China Cinda Finance (2017) issued US$800 million of 3.875% notes due 2023, US$300 million of 4.375% notes due 2025, US$1.20 billion of 4.750% notes due 2028 and US$200 million of 5% notes due 2048. The notes are guaranteed by China Cinda Asset Management subsidiary China Cinda (HK) Holdings Co. Ltd.