Asset swap helps Haitong to $100m CB debut

Haitong International Securities Group priced its debut convertible bond, with dealers putting its success down to the inclusion of an asset swap and a letter of support from the parent. The HK$776m ($100m) five year non put three year deal was a rare example of an Asian FIG credit issuing a CB in Asia.

  • By Lorraine Cushnie
  • 10 Jul 2013

Sole global coordinator and bookrunner HSBC provide the asset swap at a spread of 375/350bp with bankers saying investors were keen to offload their credit exposure given the current market climate.

Bankers away from the deal said although the asset swap helped get hedge funds on board, ...

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3 HSBC 20,083.91 159 7.23%
4 Standard Chartered Bank 17,112.67 115 6.16%
5 Deutsche Bank 11,837.49 63 4.26%

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4 Morgan Stanley 2,844.36 8 8.65%
5 Santander 2,639.35 13 8.02%

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4 HSBC 6,799.03 30 6.91%
5 Deutsche Bank 5,013.13 10 5.09%

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2 MUFG 848.66 4 12.74%
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5 SG Corporate & Investment Banking 293.72 4 4.41%

Bookrunners of India DCM

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5 Barclays 767.96 9 7.65%