Grand China Air is issuing new two-year USD-denominated bonds with an indicative yield of 5.5%. The bonds are callable after the first year of issue. The bonds are guaranteed by Grand China Air Co., Ltd and Hainan Airlines Co., Ltd; 

The issuer is a wholly-owned subsidiary of guarantor Grand China Air Co., Ltd. Grand China Air Co., Ltd, is 23.1% owned by HNA Group Co., Ltd, with the Hainan Provincial Government owning a 24.97% stake. The other guarantor, Hainan Airlines Co., Ltd, is an USD8.5 billion market capitalisation company listed on the Shanghai stock exchange – the company is 29.95% owned by Grand China Air Co., Ltd.