H World Group Limited (H World) has launched a CNY 3.35 billion (USD 494 million) senior unsecured bond offering, carrying a fixed coupon of 2.25% and maturing on 16 September 2031. The issue price is set at par, with semi-annual interest payments every 16 March and 16 September, starting 16 March 2027.

The bonds, issued under Regulation S, constitute direct, unsubordinated and unsecured obligations of H World, ranking pari passu with all other unsecured, unsubordinated debt of the company. Key investor protections include a negative pledge, a make-whole call feature (prior to 16 August 2031), an optional par call from that date, and a change-of-control put at 101% of principal.

Moody’s has assigned an expected rating of “Baa2” to the notes, in line with H World’s issuer rating of “Baa2.” The company also holds “BBB” ratings from both S&P and Fitch. The bonds will be listed on the Hong Kong Stock Exchange under debt stock code 85171 and are available solely to professional investors.

H World has completed pre-issuance registration with China’s National Development and Reform Commission and will file post-issuance information within 10 PRC business days of settlement. Proceeds are earmarked for general corporate purposes.

Goldman Sachs (Asia), CITIC Securities, Morgan Stanley and J.P. Morgan act as joint global coordinators, bookrunners and lead managers. Additional joint lead managers include Industrial Bank (Hong Kong Branch), CMB International, China CITIC Bank International, China Minsheng Bank (Hong Kong Branch), CMBC Securities, Bank of China and BOC Hong Kong.

The bond documentation is governed by English law, with CNCBI Trustee Limited serving as trustee and China CITIC Bank International as CMU lodging and paying agent, registrar and transfer agent.