One of China Aircraft Leasing Group (CALC)’s Chinese units has received regulatory approval to issue up to CNY630 million ($91 million) in medium-term notes in China.

China Asset Leasing will be able to issue notes with a five-year maturity, up to the limit in tranches over two years from 10 November. The programme has been rated at AA+ by China Cheng Xin International Credit Rating.

Shanghai Pudong Development Bank has been appointed as the lead underwriter and book runner for the programme.

CALC says that the proceeds from any issues will be used to “provide supplemental funding for deposit payments and pre-payments for the acquisition of aircraft”.

The MTN programme is part of a wider push by CALC to diversify its funding sources. Over the past year, it has twice tapped the corporate bond market, and also completed a number of lease rental realisation transactions in China.

Source: Cirium Dashboard