Haitong Securities launches $1.97bn bond

China's largest securities house by net profit pushes ahead with the issue amid tough market conditions and under increasing pressure from shareholders.

Haitong Securities launches $1.97bn bond

Haitong Securities, China’s largest securities house by net profit, will start bookbuilding for a bond issue on Friday, aiming to raise Rmb12 billion US$1.97 billion.

The notes comprise of three tranches a Rmb7 billion 3-year bond, a Rmb2 billion 5-year and a Rmb3 billion 10-year. The guidance was set at 5.75%-6.15%, 5.77%-6.17% and 5.8%-6.2%, respectively.

The sizes of the three tranches are tentative and can be clawed back. Each tranche...

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