作者：金杜律师事务所 King & Wood Mallesons
2016年9月，金杜律师事务所协助中国信达资产管理股份有限公司（简称“中国信达”）成功在境外非公开发行32亿美元非累积永续境外优先股。该股首期票面股息率为4.45%，每股票面金额为人民币100元，发行币种为美元。该项目是中国境内非银行金融机构首单境外优先股项目，并创下了迄今为止中国金融机构境外优先股发行的最低股息率，而且实现了同级别美元计价其他一级资本工具迄今为止全球最低的股息率及收益率，刷新了国际资本市场的历史记录，也是今年以来全球最大其他一级资本工具发行。
In September 2016, advised by King & Wood Mallesons (KWM), China Cinda Asset Management Co., Ltd. (China Cinda) launched its non-public issuance of U.S.$3.2 billion 4.45% Non-Cumulative Perpetual Offshore Preference Shares at par value of RMB100 per share (issued in US dollars). This project was the first offshore preference shares issued by a domestic non-banking financial institution, with the lowest coupon rate offered by a Chinese financial institution in an offshore preference shares issuance up to now. It offered the lowest coupon rate and yield compared with other same level tier 1 dollar-denominated capital instruments, setting a new historical record in the international capital markets. It was the biggest issuance of other tier 1 capital instruments around the globe year to date.
中国信达是经国务院批准为有效化解金融风险、推动国有银行和企业改革而成立的首家金融资产管理公司，也是首家登陆国际资本市场的中国金融资产管理公司。本次交易受到市场的广泛关注，美银美林、信达国际、中银国际、高盛、汇丰和瑞信担任联席全球协调人，并连同另外17家国际知名承销商组成承销团，共同为本次发行承销。
China Cinda was the first financial asset management company approved by the State Council with the aim of defusing financial risks effectively and promoting the reform of state-owned banks and enterprises. It was the first Chinese asset management company landing the global capital markets. The transaction attracted extensive attention of the market, with Merrill Lynch International, Cinda International Securities Limited, BOCI Asia Limited, Goldman Sachs (Asia) L.L.C., The Hong Kong and Shanghai Banking Corporation Limited and Credit Suisse (Hong Kong) Limited acting as joint global coordinators, who, along with other 17 international well-known underwriters, formed an underwriting syndicate for the project.
金杜在该项目中担任中国信达的境内法律顾问。凭借丰富的优先股项目经验，金杜团队协助中国信达与有关机构进行了大量沟通，在转股触发事件、资本充足率披露等方面进行了首次创新尝试，为后续其他金融资产管理公司发行优先股或同类一级资本补充工具提供了有益的借鉴。项目负责合伙人是苏峥律师和杨小蕾律师，内核合伙人是周宁律师。
KWM acted as the PRC legal counsel for the issuer. Leveraging the extensive project experience in preference shares, KWM team assisted China Cinda in liaising with relevant government authorities. The team pioneered in conversion trigger events and disclosure of capital adequacy ratios, providing good reference for other financial asset management company either in issuing preference shares or other tier 1 capital instruments. The project was led by partners Su Zheng and Yang Xiaolei, and the kernel partner was Zhou Ning.