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BESI, Joint Global Coordinator of international bond issue by Haitong Group

BESI was the Joint Global Coordinator of Haitong Group's new 5-year bond issue

BESI was the Joint Global Coordinator of Haitong Group's new 5-year bond issue, launched on the morning of 14 April, which was priced at a final spread of 220 basis points over the US Treasury bonds.

Taking advantage of the current strong appetite of fixed-income investors, the Haitong Group made a new bond issue in USD, with demand surpassing US$ 5 million, significantly lowering its funding costs (by 90 basis points) compared to its latest issue .

The Haitong Group is an issuer recognised by fixed-income investors, having priced another bond on 22 January last - with 5.5-year maturity and a 4.2% coupon - that raised US$ 700 million.

Though it is not often that companies go back to the market after such a short period of time, the Haitong Group's decision was motivated by the huge appreciation of its debt securities in recent months.  

Being of the first issuers in the region to tap the market after the Easter and Ching Ming holidays, the Haitong Group had a good response from investors, with the order book fully covered almost immediately after the launch of the issue.