On February 17, 2015, Agricultural Bank of China is honored to have acted as the Joint Bookrunner and Joint Lead Manager for China State Shipbuilding Corporation (CSSC) 1.7% EUR 500M 3-year senior unsecured notes. CSSC is China‘s largest and one of the world’s top two shipbuilding groups. It is an extra-large State-owned Enterprises 100% owned and directly administrated by the State-owned Assets Supervision and Administration Commission (“SASAC”) of the State Council, PRC. The issue is rated A1 (Moody’s).
With the joint efforts of Agricultural Bank of China and banks, the transaction was well-received with 5x over-subscription. The bond issue is the first Euro-bond issue of CSSC, but also its first issue of a Euro-bond including a standby letter of credit (“SBLC”).
The Euro-bond issue of CSSC is the second bond placement supported by ABC Frankfurt Branch this year.