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China Eastern Airlines launches $419.5 million dim sum bond, term sheet shows

By Reuters News

HONG KONG, Nov 11 (Reuters) - China Eastern Airlines Corp 600115.SS has launched a 2.8 billion yuan ($419.5 million) three-year yuan-denominated dim sum bond through its Hong Kong unit, at a launch yield of 1.75%, according to a term sheet seen by Reuters on Wednesday.

  • Eastern Air Overseas (Hong Kong) Corp is the issuer of the yuan-denominated senior unsecured bond, while China Eastern Airlines will guarantee the bonds

  • The bonds will pay a fixed coupon twice a year and are due to settle on November 18, 2026

  • Proceeds will be used to prepay for aircraft purchases and repay existing debt

  • Bank of China, DBS, Citigroup, CITIC Securities and CICC are among the joint global coordinators and bookrunners

($1 = 6.6742 Chinese yuan renminbi)

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