Citic’s $800m bears fruit of BoC guarantee

02 May 2013

China’s largest listed brokerage issued a $800m five year dollar bond at 185bp over Treasuries on April 25, pricing tighter than similarly rated peers thanks to a letter of credit from Bank of China (Macau).

Citic’s debut Reg S issue was priced tighter than comparable bonds after the guarantee raised the firm’s senior unsecured notes’ rating to A with Standard & Poor’s. Citic Securities is rated BBB+ by the rating agency.

The pricing is tighter than A+ rated Cosco Finance, which also received ...

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