SHANDONG International Trust and Investment Corporation (SITIC) has launched its maiden Eurodollar issue of US$130 million floating rate notes in the international market.
The issue will be fully underwritten, arranged and lead managed by IBJ Merchant Bank (Singapore), KEB (Asia) Finance, LTCB Asia, Overseas-Chinese Banking Corporation, Overseas Union Bank, and Sakura Merchant Bank (Singapore).
To be issued at par, the notes will be in bearer form, in denominations of $250,000 each and will mature in 2001. Final maturity is subject to noteholders' put option and issuer's call option at the end of the fifth year.
The coupon is 0.60 per cent a year above the London Interbank Offered Rate for six-month Eurodollar deposits. Fees amount to 0.25 per cent, split 0.1875 per cent for selling concession and 0.0625 for management and underwriting commissions.
Application will be made to list the notes on the Singapore Stock Exchange.
Officially set up in February 1988, SITIC is a non-bank financial institution under the Shandong provincial government and the People's Bank of China.