CMB debuts internationally rated RMBS

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By Addison Gong
28 Oct 2020

China Merchants Bank has sold its first mortgage backed securitization (RMBS) transaction with an international rating. The foreign demand helped with a smooth bookbuilding process, despite a less than favourable market backdrop for the outing.

The Rmb4.75bn ($708m) RMBS deal, Zhaoyin Hejia 2020-5, was CMB’s fifth this year. The Chinese commercial bank obtained a AAA(sf) rating from S&P Global Ratings for the two senior tranches — a first in the originator’s five-year issuing history in the onshore RMBS market.

Bookbuilding for the ...

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