Haitong harvests hefty size with credit guarantee
Haitong International Finance Holdings amassed the largest US dollar bond sold in the Reg S market so far this year in Asia ex Japan on Tuesday, building a $900m deal thanks to an irrevocable standby letter of credit (SBLC) from Bank of China’s Singapore branch.
The five year deal opened with initial price guidance of 287.5bp over Treasuries. At that level, the issuer was offering a premium over SBLC-backed credit by Citic Securities’ May 2018s, which was last quoted at a G spread of 245bp, according to one of the leads.
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