Citi's debut Formosa bond sets new benchmark for Taiwan

Hot on the heels of Kexim’s three-and-a-half-year Formosa bond, Citigroup launches its maiden deal in Taiwan. With an expected size of $330 million, it will be the largest Formosa deal ever.

Citigroup could become the third non-Asian bank to source funding via Taiwan's Formosa bond market after the launch on Wednesday of a three-year dollar-denominated bond that will carry a 2.8% coupon. The size has been set at $330 million and the deal is self-led by the debut Formosa issuer.

If successful, this will be the largest deal in the short four-year history of the Formosa bond market, which refers to foreign currency-denominated bonds sold by foreign institutions in the Taiwan market.

The Citi bond will be listed on the GreTai Securities Market with Citigroup Global Markets acting as the arranger. The joint lead managers include Mega International Commercial Bank and Bank of...

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