BOC Aviation has priced a $350 million senior unsecured notes due 2023 at 4.4%.
"Orders were received from more than 150 high quality fixed income accounts," BOC Aviation said in a statement.
Geographically, 85% were distributed in Asia and 15% in Europe. Insurers took up 31%, fund managers 29%, banks 10%, private banks 23%, and 7% to miscellaneous investors.
"We are very pleased with the positive response for our first benchmark 10-year unsecured note issuance under our EMTN [Euro Medium Term Note] programme after meeting investors in Singapore, Hong Kong and Beijing," says BOC Aviation chief executive Robert Martin.
"This meets our strategic objectives of raising our profile in the corporate bond market and diversifying our investor base as we gradually increase the proportion of our financing from the debt capital markets going forward."
BOC Aviation adds that the notes represent a spread over 10-year US treasuries of 2.7%. Standard & Poor's rates the notes at "BBB-", while Fitch rates them at "A-".
Interest will be paid semi-annually in arrears. The funds will be used for new capital expenditure, general corporate purposes and the refinancing of existing debt.
The issue was jointly arranged by BOC International, Citigroup, HSBC and JP Morgan.