CMB debuts internationally rated RMBS

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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