CICC HK Securities, acting as the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager, successfully assisted China International Capital Corporation Limited (CICC) in completing its 3-year floating-rate senior USD bonds, a drawdown off the USD3 billion MTN programme, on April 18th, 2018. The deal is CICC’s second medium to long-term USD bonds offering since its first one in May 2016. CICC has achieved an impressive offering result in terms of both pricing and book coverage, making the deal one of the recent benchmark offerings of investment-grade bonds in Asian markets. The successful offering has further promoted CICC’s market presence and strengthened its competitive position.

Under recent volatile market condition, CICC arranged deal announcements and bookbuilding on the same day with the investor calls convened in the morning, in order to seize the optimal market window. The deal came into the spot light in Asian markets and attracted a large number of investors. Backed by in-depth communications with investors and their strong demand, the orderbook ultimately exceeded USD3.9 billion and achieved a 6.5x oversubscription; the final price narrowed 30 bps compared to the initial price guidance. As a landmark transaction in the volatile market, the offering received orders from 117 investors, including renowned asset management companies, banks, sovereign funds, insurance companies and private banks in China and overseas. The powerful feedbacks have enlarged CICC’s overseas investor base and reflected its high credit position in the capital market.

CICC HK Securities took over the whole execution process including filing to regulators, due diligence, documentation, and marketing arrangement, etc. The transaction has further solidified the leading position of CICC in the international capital markets.