Published on 7/14/2023 in the Prospect News Emerging Markets Daily.
New Issue: Citic Securities unit prices RMB 2.5 billion 3.1% guaranteed notes due 2026 at par
By William Gullotti
Buffalo, N.Y., July 14 – Citic Securities International Co., Ltd.’s indirectly and wholly owned subsidiary, CSI MTN Ltd., priced RMB 2.5 billion 3.1% guaranteed notes due 2026 at par (BBB+), according to a listing notice with an appended offering circular on Friday.
The notes, issued under CSI’s $3 billion medium-term note program, will be guaranteed by the parent company.
Beginning June 13, 2026, issuer may opt to redeem the notes early in whole, but not in part, at par plus interest.
Citic Securities, China Citic Bank International, Bank of China, China Construction Bank (Asia), BOSC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, Mizuho, HSBC, Agricultural Bank of China Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Standard Chartered Bank, CMBC Capital, SMBC Nikko, Bocom International, SPDB International, Hua Xia Bank Co., Ltd., Hong Kong Branch and CNCB Capital are the joint lead managers and joint bookrunners, with Citic, China Citic, Bank of China, China Construction, BOSC, ICBC, Industrial Bank, Bank of Communications, Mizuho and HSBC also acting as joint global coordinators.
Proceeds will be used for working capital, for general corporate purposes and/or to refinance debt.
Application has been made to list the Regulation S notes on the Hong Kong Exchange.
The issuer is a financing entity incorporated in the British Virgin Islands. The guarantor is wholly owned subsidiary of Citic Securities Co., Ltd., a state-owned conglomerate in China.
| Issuer: | CSI MTN Ltd.
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| Guarantor: | Citic Securities International Co., Ltd.
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| Amount: | RMB 2.5 billion
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| Issue: | Guaranteed notes
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| Maturity: | July 13, 2026
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| Bookrunners: | Citic Securities, China Citic Bank International, Bank of China, China Construction Bank (Asia), BOSC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, Mizuho, HSBC, Agricultural Bank of China Ltd., Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Standard Chartered Bank, CMBC Capital, SMBC Nikko, Bocom International, SPDB International, Hua Xia Bank Co., Ltd., Hong Kong Branch and CNCB Capital
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| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Ashurst Hong Kong (England, Hong Kong), Maples and Calder (Singapore) LLP (BVI)
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| Counsel to underwriters: | Linklaters
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| Coupon: | 3.1%
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| Price: | Par
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| Yield: | 3.1%
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| Call: | In whole, but not in part, at par plus interest after June 13, 2026
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| Pricing date: | July 6
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| Issue date: | July 13
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| Rating: | S&P: BBB+
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| Distribution: | Regulation S
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| ISIN: | HK0000939428
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