On January 7, 2021, Haidilao International Holding Ltd. (“Haidilao” or the “Company”, issuer rating: BBB/BBB (S&P/Fitch)) successfully priced and issued US$600mm 5-year offshore bonds rated BBB/BBB (S&P/Fitch) with coupon rate of 2.150%, issue price of 99.854 and yield of 2.181%. CICC acted as the Joint Global Coordinator in the transaction. 

This transaction emblemized Haidilao’s debut issuance in the international bond market and the first offshore USD bond issued by a Chinese catering enterprise in the global scope, achieving the ever lowest yield among all BBB range rated bonds of the same tenor across the global catering sector.

The bond was enthusiastically sought after by international investors. On the pricing day, the issuance was published at an initial price guidance of T5+225bps and received enthusiastic subscription from a number of internationally renowned investors with the peak order exceeding US$6.1bn, achieving over 8.3 times oversubscription eventually. Driven by the strong order book, the yield was narrowed by 52 bps to T5+173bps finally.

CICC, acting as the Joint Global Coordinator in this transaction, assisted the Company to hold investor communication conferences, obtaining recognition and large orders from internationally renowned funds, asset management institutions and hedge funds. With rich experience in debt capital markets overseas, CICC conducted sufficient researches and analysis on the external market to mitigate impact caused by uncertainties of the market, assisting the Company to seize a stable market juncture to launch the transaction in a timely manner, and attracting a large number of investment institutions to participate in the subscription. As a result, CICC has thus laid a solid foundation for a smooth pricing of the transaction.

CICC, assisted Haidilao to complete the offshore bond issuance successfully, and was highly recognized by the Company for its excellent underwriting capabilities and market judgments, highlighting CICC's deep industry coverage and strong offshore bond capabilities.

As a leading investment bank with “Chinese Roots, International Reach”, CICC has been committed to providing clients with high-quality value-added financial services. CICC will continue to expand its service and leverage platform advantages to continuously provide clients with the first-class financial services comprehensively, and assist its clients to achieve their strategic development goals by the virtue of our extensive capital market experience.