Citi's debut Formosa bond sets new benchmark for Taiwan

Hot on the heels of Kexim’s three-and-a-half-year Formosa bond, Citigroup launches its maiden deal in Taiwan. With an expected size of $330 million, it will be the largest Formosa deal ever.

Citigroup could become the third non-Asian bank to source funding via Taiwan's Formosa bond market after the launch on Wednesday of a three-year dollar-denominated bond that will carry a 2.8% coupon. The size has been set at $330 million and the deal is self-led by the debut Formosa issuer.

If successful, this will be the largest deal in the short four-year history of the Formosa bond market, which refers to foreign currency-denominated bonds sold by foreign institutions in the...

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