citic-closes-new-lower-tier2-offering

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 June and the first Hong Kong bank public bond deal for the second half of 2006.

The deal carries a five-year non-call one structure. However, due to HKMA regulations restricting the use of a step-up...
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