HK Bank five-year FRCDs help raise $1b

HONGKONG Bank has raised $1 billion from a floating-rate certificate of deposit (FRCD) issue.

The issue was made from an $8 billion revolving certificate of deposit issuance programme set up in November last year.

The amount raised so far is $3.65 billion.

The bank said yesterday the latest issue of five-year debt securities paid a coupon of 0.35 percentage point above the one-month Hong Kong interbank offered rate.

Lead managers received an all-in yield of 0.42 percentage point, while co-lead managers got 0.4 percentage point and managers 0.39 percentage point.

'We expected a very smooth syndication,' Andrew Fung, a manager with HSBC Markets, which arranged the issue, said.