Citic Ka Wah raises $300 million

Hong Kong bank completes debut international senior bond deal.

Joint lead managers HSBC and UBS priced a $300 million senior fixed rate bond issue for Citic Ka Wah Bank yesterday November 10. The key achievement of the five-year deal was its pricing through the more established and liquid Korean curve.

Pricing came at 99.582% on a coupon of 4.25% to yield 4.344%. This equates to 82bp over Treasuries or 36bp over Libor. Fees were 20bp.

Given how rarely Hong Kong banks access the senior bond market, the main comparables came from Korea. Citic Ka Wah has a Baa2BBB rating Fitch, while Woori Bank has a one-notch higher rating from Moody's of Baa1.

...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222