S.F. Holding Co., Ltd. (06936.HK, 002352.SZ) is preparing to issue fixed-rate, Reg S, RMB-denominated senior unsecured notes across two tenors of three years and five years, with initial price guidance set at the 2.30% area and 2.40% area, respectively. The transaction is scheduled to settle on September 22, 2026.

The notes will be issued by SF Holding Global 2026 Limited, a wholly-owned subsidiary of the company, with SF Holding acting as guarantor. The expected issuance rating is A3 from Moody's. On the guarantor side, Moody's has assigned an A3 stable outlook, while S&P and Fitch have both rated it A- with a stable outlook.

According to the bond terms, the minimum denomination is set at RMB 1 million, with increments of RMB 10,000. The notes will be governed by English law and listed on the Hong Kong Stock Exchange, with clearing facilitated through the Central Moneymarkets Unit (CMU) linked to Euroclear and Clearstream.

The joint global coordinators for the offering are HSBC, ICBC International, Bank of China (Hong Kong), and CITIC Securities, with HSBC also serving as bookrunner and B&D. The joint bookrunners and joint lead managers include 16 institutions such as ABC International, BOCOM International, CICC, Citigroup, Standard Chartered Bank, and UBS Group.

The proceeds from the issuance are earmarked for the group's refinancing and/or general corporate purposes. As previously disclosed, the board of directors approved a general mandate on December 8, 2025, allowing wholly-owned subsidiaries to issue debt financing instruments up to RMB 15 billion (inclusive) in equivalent value. On March 30, 2026, the board further adjusted the issuing entity and guarantee structure.

A series of fixed-income investor conference calls is scheduled to commence on September 14, 2026, in connection with the offering. The details provided are compiled from publicly available information and do not constitute investment advice; verification is recommended before use.