On January 19, 2021, CICC successfully issued USD1bn 3-year and USD500mm 5-year fixed-rate senior notes with a total issuance size of USD1.5bn, making it the largest-ever overseas bond offering by a Chinese investment bank. The 3-year tranche and 5-year tranche were issued at the yield to maturity of 1.629% (T3+142.5bps) and 2.007% (T5+155bps), with coupon rate of 1.625% and 2.000%, respectively. The notes constitute drawdown of CICC’s existing USD10bn GMTN programme. 

CICC announced the transaction and book-opening on the same day to capture the positive market sentiment under stable market environment at the beginning of the year, and completed the USD1.5bn deal intra-day with the final price of the 3-year tranche narrowed by 37.5bps compared to the initial price guidance and the 5-year tranche narrowed by 45bps. The issuance was warmly sought after by the market and had the order book fully covered within 30 minutes after opening. With subscriptions from over 300 accounts, the issuance was oversubscribed by more than 5 times; and the order book exceeded USD7.9bn at peak. The deal attracted high-caliber investors including renowned Chinese and foreign funds, asset management companies, banks, insurance companies and private banks. 

This deal marked CICC’s first public financing offering in the overseas capital market in 2021, achieved satisfactory outcomes in both financing scale and cost of funding, reflecting a high degree of credit recognition of CICC’s in the international capital markets.