By Christine Van Dusen
Atlanta, June 21 - China's Citic Bank International Ltd. priced $500 million 6 7/8% subordinated bonds due June 24, 2020 (Baa3//BBB) at 99.654 to yield Treasuries plus 362.5 basis points, according to a market source.
Barclays Capital and HSBC were the bookrunners for the deal, which was talked at Treasuries plus 362.5 bps to 375 bps.
The bonds are non-callable.
Citic Bank International is the Hong Kong-based unit of lender China Citic Bank Corp.
| Issuer: | Citic Bank International Ltd.
|
| Amount: | $500 million
|
| Maturity: | June 24, 2020
|
| Description: | Subordinated bonds
|
| Bookrunners: | Barclays Capital, HSBC
|
| Co-manager: | Citic Securities
|
| Coupon: | 6 7/8%
|
| Price: | 99.654
|
| Spread: | Treasuries plus 362.5 bps
|
| Call features: | Non-callable
|
| Trade date: | June 21
|
| Settlement date: | June 24
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB
|
| Price talk: | Treasuries plus 362.5 to 375 bps
|
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