CCB launches floating-rate paper
China Construction Bank's (CCB) Hong Kong branch made its mark in the territory debt market yesterday launching a three-year, $500 million, floating rate certificate of deposit.
The deal will pay 57.5 basis points over the three-month Hong Kong interbank offered rate (Hibor) for banks taking at least $50 million worth of the paper.
HSBC Markets along with Schroders Asia will run the books for the issue, with Hang Seng Bank and Jardine Fleming Bank acting as joint lead managers.
Banks have until June 21 to reply to the offer.
Last year, CCB's parent, then known as the People's Construction Bank of China, became the first mainland bank to issue a floating rate note in the territory.
That issue had a longer than usual tenor of seven years, priced at 81 basis points over three-month Hibor. It is now trading 75-77 basis points over Hibor.
