Citic drives hybrid pricing tighter after huge demand
Hong Kong conglomerate Citic Pacific raised $1.25bn at the end of last week, becoming the first Asian company this year to sell a corporate hybrid in the international bond market. Investors placed around $8.5bn of orders for the deal – allowing bankers to price it inside guidance that was released before the books were closed.
The company sold a $750m perpetual non-call 10 year bond on Friday, alongside a $500m 10 year senior unsecured deal. It was the first time an Asian company had attempted a dual-tranche deal featuring both subordinated and senior debt.
Bookrunners HSBC and UBS closed the books for the hybrid
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