Citic Pacific closes heavily subscribed $1.25 billion bond

Citic Pacific returns to the debt capital markets after a decade with a $750 million hybrid supported by private banks and a $500 million senior bond.

Citic Pacific closes heavily subscribed $1.25 billion bond
Chang Zhenming, chairman of Citic Pacific

Hong Kong-listed conglomerate Citic Pacific successfully priced a heavily subscribed dual-tranche $750 million hybrid and $500 million 10-year senior note on Friday night. The deal marked Citic Pacific’s return to the public debt capital markets after a decade-long absence.

It was also the first dollar-denominated corporate hybrid this year and, depending on how it fares in secondary trading, could re-open the market after a hiatus of sorts. Corporate hybrid issuance came to a halt...

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