TCL benefits from SBLC for $300m debut

TCL_Adobe_8July
By Alice Huang
08 Jul 2020

TCL Technology Group Co sold its maiden dollar bond on Tuesday, getting a 10 times oversubscribed book at its peak thanks to a standby letter of credit (SBLC) from Bank of China.

The Chinese electronics company is a frequent issuer onshore, and has also raised dollar loans several times. But it had never sold dollar bonds until Tuesday.

The company had been looking to tap the bond market for a long time, said a syndicate banker on the deal. TCL ...

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