Press Release

JPMFC acted as the sole lead underwriter on the RMB 800 million corporate bond offering for First Capital Securities Co., Ltd.

On 30th November 2016, J.P. Morgan First Capital (”JPMFC”) acted as the sole lead underwriter and book runner for the RMB 800 million Corporate Bond offering for First Capital Securities  (”the Issuer”). The bond was priced on 28th November 2016, coupon rate 3.7%, and is going to be listed on the Shenzhen Stock Exchange.

The issuer was listed on Small and Medium Enterprise Board of Shenzhen Stock Exchange on 11th May, 2016. This deal’s execution period happened to overlap with this key time point, when regulation procedures for the issuer were required to change due to the listing. The deal team communicated with the issuer and the regulators successfully to guarantee the issuance. Team’s professional execution and communication capability was highly acknowledged by the client.

Despite of the tightening liquidity in the money market and negative market sentiment due to increasing credit defaults, the DCM team did an intense market sounding and finally priced the bond at 3.70%, which was beyond the issuer’s expectation and highly acknowledged by the issuer. This deal has again demonstrated JPMFC’s remarkable distribution ability and wide coverage scope of investors.