Banking News
- Industrial Bank sells credit loan obligations
Date: 17-Dec-2007 Sources: (Shenzhen Daily)
INDUSTRIAL Bank priced 5.243 billion yuan (US$711 million) of credit loan obligations, the largest securitization deal in China's interbank market this year, China Foreign Economy and Trade Trust and Investment Co. said Friday.
The deal, comprising three senior tranches totaling 4.87 billion yuan and a 373 million yuan subordinated tranche, is the fourth securitization this year, and bank traders said it had been sold out. The senior tranches are 2.5 billion yuan of fixed-rate notes rated AAA and paying a coupon of 5.20 percent, 1.8 billion yuan of floating rate notes rated AAA and paying 110 basis points over the central bank's one-year fixed deposit rate, and 570 million yuan of floating rate notes rated A and paying 215 bps over the deposit rate.
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