On April 15, 2026, Agricultural Bank of China International acted as a joint global coordinator to assist China Aluminum Corporation Group Ltd. in the successful issuance of an $800 million 3-year offshore bond. The bond was rated BBB+ by Fitch. The initial price guidance was set at a spread of T+75 basis points, while the final price guidance was significantly tightened by 53 basis points to T+22 bps, with a coupon rate of 3.90%.
This issuance marks CHALCO's return to the international capital market after a two-year interval. As one of the three global coordinators, Agricultural Bank of China International participated in all pre-issuance preparatory work, assisted the company in designing and presenting roadshow materials, and provided crucial cornerstone orders from both internal and external sources, ensuring precise pricing.
Leveraging the company's strong credit profile and effective pre-marketing communication with investors, the bond attracted substantial interest from high-quality institutional investors across mainland China, Hong Kong, Singapore, the UK, Japan, South Korea, and Malaysia. Market reception was highly positive, with the order book peaking at over $4.3 billion, representing a coverage ratio of more than 5 times. The final coupon rate was tightened significantly by 53 basis points from the initial price guidance, underscoring global investors' strong confidence in CHALCO.
China Aluminum Corporation Group Ltd. was established in 2001 and is a centrally administered, state-owned enterprise of strategic importance. It also serves as a pilot entity for state-owned capital investment companies. The group is tasked with the mission of becoming a global leader in the non-ferrous metals industry, a key provider of strategic mineral resources and advanced materials for the nation, and a pioneer in industry innovation and green development. CHALCO's industrial chain covers over 20 non-ferrous metal elements, including aluminum, copper, lead, zinc, gallium, and germanium. Its primary operations span more than 20 countries and regions worldwide, and it has consistently ranked among the Fortune Global 500 since 2008.
Agricultural Bank of China International Holdings Limited is a professional investment banking platform established by Agricultural Bank of China in Hong Kong in November 2009. The company currently operates eight wholly-owned subsidiaries, including financing, investment management, asset management, and securities firms. It holds Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance), and Type 9 (asset management) licenses from the Hong Kong Securities and Futures Commission. It offers comprehensive investment banking services such as IPO sponsorship and underwriting, bond issuance and underwriting, financial advisory for cross-border mergers and acquisitions, asset management, institutional sales, securities brokerage, securities consulting, and direct investments.
Comments