China’s leading brokerage firm Citic Securities early this morning printed an $800 million dollar debut, in what was a late pricing for a Reg-S transaction.
The five-year bond had a standby letter of credit from Bank of China’s Macau branch. The bonds were issued by Citic Securities Finance and, in addition to the letter of credit, there was also a keepwell deed with Citic Securities Company, which, according to one source, gave even more structural protection with the intention of achieving tighter pricing.
The five-year bonds were marketed at Treasuries plus 200bp area, a pick-up of about 80bp over outstanding Bank of China bonds, which were...
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