CDB Aviation’s MTN program, CBL Funding 1, received the 2026 Deal of the Year: Debt Capital Markets recognition from Finance Dublin.

CDB Aviation mades its return to the bond market for the first time in four years as it updated its Medium Term Note programme and executed the first drawdown of $700m, made up of fixed and floating rate notes.

The $5 billion MTN programme, CBL Funding 1, involved multiple jurisdictions and complex structural arrangements and the update and initial drawdown marked CDB Aviation’s return to the international bond market after a four-year hiatus and was described as a key milestone for CDB Aviation executing its long-term funding strategy.

The update to the $5 billion MTN programme was arranged by China Development Bank, CDB Aviation’s ultimate parent and China’s largest policy bank, and involved guarantees from several of group companies. The initial drawdown under the programme, executed in May 2025, involved the issuance of $400 million 4.75 per cent fixed rate notes and $300 million floating rate notes.

This was a high value MTN transaction involving multiple jurisdictions and complex structural arrangements. The transaction attracted strong demand from a broad base of global investors, with the order book peaking at over $4 billion and final allocations made to approximately 100 institutional accounts.

CDB Aviation’s Chief Financial Officer Yu Chen said, “This award recognises the exceptional hard work, discipline, and commitment from CDB Aviation’s finance team, supported by the entire CDBA team, whose continued focus on strengthening and improving our overall business operations has also been reflected in the significant progress we have made in enhancing our credit ratings. This strong operation foundation is underpinned by our shareholder’s unwavering support in liquidity, credit, and long-term growth strategy, representing the close connection and strategy alignment between the sovereign credit shareholder and its core aviation leasing subsidiary of global operations. We are proud to be part of the Irish aviation finance community and to contribute to the strength and growth of the Irish economy.”

Matheson were advisers on Irish law; Clifford Chance were advisers on English and Hong Kong Law; Global Law Office were advisers on Chinese Law; Walkers were advisers on Cayman Island Law, China Development Bank was the arranger.

Source: Finance Dublin