光银国际助力中银港分成功定价全球首单玉兰债
2021-01-29光银国际
近日，光银国际作为联席簿记管理人，成功助力中国银行香港分行（“中银港分”）于香港定价全球首单玉兰债券。债券为3年期，合计金额5亿美元，票息0.75%。预期的债项评级为穆迪A1，标普A与惠誉A。债券将于香港交易所上市。
玉兰债由欧洲清算银行和上海清算所在2020年12月共同宣布推出。该债券以上海市市花命名，旨在连接中资发行人与全球投资者。玉兰债将由上海清算所登记及托管，欧洲清算所交割。与传统境外债相比，玉兰债采用了无纸化债券登记，及在潜在的债务管理交易方面更加便利。
作为首单玉兰债，路演期间受到了投资者广泛的关注。定价当日账簿动能充足，中银港分成功将发行收益率由初始价格指引的T+110bps区间收窄约43bps至T+67bps。光银国际作为具有竞争优势的投资银行平台，积极拥抱金融产品创新，将以此为契机，努力推广玉兰债的发行，助力其成为中资发行人境外债的新选择。
Recently, Bank of China Limited, Hong Kong Branch (“BOC HK”) successfully priced the first Yulan bonds in the capital markets, US$ 500 million 3-year 0.75% senior fixed rate notes (the “Notes”). CEBI is the Joint Bookrunner of this transaction. The expected issue ratings of the Notes are A1 by Moody’s, A by S&P and A by Fitch. The Notes will be listed on The Stock Exchange of Hong Kong Limited.
Yulan bonds is an initiative established by Shanghai Clearing House and Euroclear in December 2020. It is named after Shanghai’s city flower and aimed at linking Chinese issuers with global investors. The bonds will be issued through the Shanghai Clearing House, which will provide registration and custodian service. Bond settlement service will still be provided by Euroclear. Compared with the traditional overseas bond issuance, Yulan bonds is issued with electronic bond registrations and is more convenient in terms of capital security and information acquisition.
As the first Yulan Bonds, it received wide attention during the roadshow. The transaction received overwhelming demand from institutional investors, which enabled BOC HK successfully tightened the reoffer yield from IPG T+110bps area by 43bps to T+67bps. As an investment banking platform with comparative competitive advantages, CEBI actively embraces financial product innovation. Leveraging on this transaction, CEBI will continue to promote the issuance of Yulan Bonds, making it a new choice to Chinese issuers.
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