Citic closes new lower tier-2 offering

Barclays and HSBC utilise non step-up structure for a new five-year non-call one deal for Citic Ka Wah.

On Friday afternoon December 1, Hong KongÆs Citic Ka Wah Bank priced a new $250 million five-year non-call one lower tier-2 FRN with Barclays Capital and HSBC acting as joint leads. The Reg-S deal came inside of revised guidance after a short series of roadshows.

The deal rated Baa3BBB by MoodyÆs and Fitch, is only the second international lower tier-2 deal to come out of Hong Kong this year following Bank of East AsiaÆs similarly structured deal in...

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