Airport Authority Hong Kong Priced CNY1.5 Billion 10-year Regulation S Senior Notes Offering

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(HONG KONG, 30 May 2024, 1330hrs) – Airport Authority Hong Kong (AAHK) announces that it has successfully priced a CNY1.5 billion senior notes offering (the Notes) in Regulation S format under its U.S.$8,000,000,000 Medium Term Note Programme.

The transaction marks AAHK's debut foray into the offshore Renminbi bond market, which is also the first 10-year offshore Renminbi bond in the public bond market from a Hong Kong corporate issuer. The Notes were well-received by investors including banks, asset managers, private banks and securities firms, with peak orderbook over CNY12.3 billion at final price guidance, representing a peak subscription rate of over 8 times. AAHK successfully raised the amount of financing it targeted and will use the net proceeds from the issue of the Notes for general corporate purposes, including capital injections in its investment projects. AAHK is dedicated to delivering a world-class airport experience and contributing to the growth of the regional and global aviation industry.

AAHK believes the issuance can further diversify its funding channel and investor base. The success of the issuance can also foster the development of offshore Renminbi bond market.

Jack So, Chairman of AAHK said, “We are pleased with the overwhelming responses from investors. The successful issuance once again proves the investors’ confidence in the Hong Kong International Airport as a regional and international aviation hub. The Notes also diversified AAHK’s funding sources in the capital market with the most competitive financing costs.”

The Notes are expected to be issued on 5 June 2024, subject to the satisfaction of certain conditions precedent and are expected to be listed on The Stock Exchange of Hong Kong Limited.

The Notes are expected to be rated “AA+” by S&P.

The Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers are Bank of China, HSBC and Standard Chartered Bank; and the Joint Bookrunners and Joint Lead Managers are Bank of Communications, Crédit Agricole CIB, DBS Bank Ltd., ICBC and UBS.

Summary of investors responses and pricing of the Notes: