$1b note issue

Credit Lyonnais, through its Hong Kong branch, has assembled a group of banks to sell floating-rate certificates of deposit (FRCDs), joint book-runner HSBC Markets says. Credit Lyonnais is also a joint book-runner.

The $1 billion three-year FRCDs pay an interest rate of 32 basis points more than the three-month Hong Kong interbank offered rate.

Credit Lyonnais is seeking Hong Kong Monetary Authority approval for the securities to be used as collateral for overnight loans from the de facto central bank under the liquidity adjustment facility.