Citic Securities opts for credit-enhanced $800 million dollar debut

Mainland broker Citic Securities, which bought CLSA last year, issues an $800 million debut dollar bond.

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...

¬ Haymarket Media Limited. All rights reserved.

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