Citic Financial prices debut CB

The fast expanding banking group adds welcome diversity to Hong Kong''s convertible universe.

Joint bookrunners Citic Capital Markets and JPMorgan priced a $150 million convertible for Citic Financial Holdings CIFH after Friday's close in Asia. The deal marks the fifth new entrant to the Hong Kong convertible universe so far this year following transactions by Panva Gas, Beijing Datang, China Travel and Star Cruises.

Having bid the deal out on a competitive basis, the group was able to secure extremely aggressive terms and included some of the losing bidders in the syndicate line-up. Alongside the two leads, ABN AMRO was a joint-lead, with Citigroup and HSBC as co-leads.

Terms comprise a five-year final maturity and a par in par out structure with a...

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