The Chinese state-owned "bad bank," which collects non-performing loans from other banks, will use the money raised for investment and as working capital.
May 20, 2014 at 06:38 AM
1 minute read
The original version of this story was published on Law.Com
Davis Polk & Wardwell has advised China Cinda Asset Management Co. Ltd. on a $1.5 billion bond offering on the Hong Kong Stock Exchange.
The Chinese state-owned “bad bank,” which collects non-performing loans from other banks, sold the dollar-denominated bonds in one $1 billion tranche of five-year notes and one $500 million tranche of 10-years. Proceeds will be used for investment and as working capital.
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