CEB navigates declining FRN demand for tight $500m

China Everbright Bank has become the latest Chinese lender to tap the offshore market for floating rate notes (FRN), raising $500m at an aggressive level on Monday.

  • By Addison Gong
  • 18 Jun 2019

Baa2/—/BBB rated CEB, through its Hong Kong branch, priced the $500m three year green FRN at 79bp over three months Libor. The initial guidance for the deal was set at the 105bp over area.

The pricing of the senior bond was 5bp wider than where A3/BBB+/BBB rated ...

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