Bond issuance

Citic Pacific, CMT tap buoyant markets for more than $1 billion

In another busy Monday, Citic Pacific prints $750 million and CapitaMall Trust raises $400 million -- both at the tight end of guidance.
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The Iluma shopping mall was acquired by CapitaMall Trust in 2011 </div>
<div style="text-align: left;"> The Iluma shopping mall was acquired by CapitaMall Trust in 2011 </div>

As markets remain buoyant, CapitaMall Trust CMT, Citic Pacific and Siam Commercial Bank all charged into the international debt markets yesterday, with the first two collectively raising more than $1 billion.

Hong Kong-listed Citic Pacific last night priced a $750 million long five-year bond. Citic Pacific is a conglomerate that is 57.6% owned by China's state-owned Citic Group. It is engaged in steel making, iron ore mining, property development and power generation. While Citic Pacific benefits from having a strong parent, the company has slipped from investment-grade status into high-yield territory since it last tapped the market in April 2011, making it something of a fallen angel”.

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