China Insurance International Holdings CIIH priced its debut $175 million bond on Monday. With UBS as bookrunner and HSBC as joint lead, the BBB- rated group completed a 10-year deal on an issue price of 99.251% and a coupon of 5.8% to yield 5.9%.
This equated to a launch spread of 152bp over Treasuries or 114bp over Libor.
Books are said to have closed three-and-a-half times covered with participation by 55 accounts. By geography, the book split 47% Singapore, 39% Greater China and 14% Europe. By investor type, asset managers accounted for 48%, banks 29%, retail 18% and insurance companies 5%.
Aside from its China credentials, CIIH...