Haitong Securities launches $1.97bn bond

China's largest securities house by net profit pushes ahead with the issue amid tough market conditions and under increasing pressure from shareholders.

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...

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