CRCC sets benchmark for Chinese SOE sub perps

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By Addison Gong
21 Jun 2019

China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.

CRCC priced the $1bn perp non call five year bond at 3.97%, the tight end of final guidance of 4% plus or minus 3bp, on Thursday. The initial guidance was set at the 4.4% area by global co-ordinators Citi, HSBC and ICBC International.

CRCC, the guarantor of ...

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