China's No 2 trust firm makes strong debut with US$ bond

Singapore

ZHONGRONG International Trust, China's second-largest trust company, has sold its first US dollar bond which was also a debut for the nation's trust industry into the offshore market. The firm's inaugural US$225 million three-year bond issue pays 6 per cent coupon, said DBS Bank on Tuesday.

Huatai Financial Holdings (Hong Kong) Limited, Barclay, DBS and Haitong International are joint lead managers and book runners. Orders for the deal exceeded US$575 million, allowing the pricing to tighten from initial guidance of 6.25 per cent to 6 per cent.