Hong Kong-based conglomerate CITIC Pacific Limited is expected to complete its first concurrent dual tranche perpetual hybrid and senior unsecured notes offering this week, said a person close to the matter.
The offering, the first such dual tranche to come out of Asia, comprises US$750 million in hybrid notes and US$500 million in senior unsecured notes, according to an e-mail sent to Shanghai Daily.
The source declined to be named as the deal is still being finalized.
Both tranches have attracted strong demand, with the hybrid tranche having already received more than US$8.5 billion of orders while the senior unsecured notes have more than US$3.3 billion in orders.
The hybrid tranche was later raised to US$750 million from its initial target of US$500 million.
The popularity allowed the hybrid to be priced at 7.875 percent while the senior tranche was priced at 6.625 percent.
HSBC and UBS were bookrunners for the CITIC deal, which was similar to a US$2 billion hybrid structured by the banks for Hutchison Whampoa last year.
