CICC completes maiden offshore bond

The Beijing-based investment bank brings a tightly priced dollar-denominated bond as it starts building out its own international debt financing platform.
CICC chairman Ding Xuedong
CICC chairman Ding Xuedong

China International Capital Corp CICC, the country’s first joint-venture investment bank, sold its debut offshore bond on Wednesday, raising $500 million.

The Reg S deal has been a long time in coming given the bank was founded in 1995 as a joint venture between Morgan Stanley and China Construction Bank.

But the long track record it has established since then, executing the overseas listings of China’s major state-owned entities, means CICC is a well-known brand with international investors and has a strong following domestically.

This, plus the bond’s three-year tenor, which strongly appealed to Chinese banks, also meant CICC was able...

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