Haitong Securities, China’s largest securities house by net profit, will start bookbuilding for a bond issue on Friday, aiming to raise Rmb12 billion US$1.97 billion.
The notes comprise of three tranches a Rmb7 billion 3-year bond, a Rmb2 billion 5-year and a Rmb3 billion 10-year. The guidance was set at 5.75%-6.15%, 5.77%-6.17% and 5.8%-6.2%, respectively.
The sizes of the three tranches are tentative and can be clawed back. Each tranche will have a fixed coupon and the final prices will be settled on Friday.
Haitong’s bond issue comes to the market amid tough market conditions.
Bond yields have been...