Shares of CITIC Securities Co. Ltd., one of China's largest investment banks, surged over 10% on Tuesday after the company's indirect subsidiary successfully issued $18 million in medium-term debt securities.
According to filings, CSI MTN, an indirect subsidiary of CITIC Securities, issued the $18 million in bonds as part of a larger $3 billion debt program launched in March 2022. The debt issuance was well-received by investors, with CITIC Securities' stock soaring 9% in Hong Kong and 7% in Shanghai during afternoon trading.
The successful debt raising was viewed as a positive sign of CITIC Securities' financial strength and ability to access capital markets. Analysts believe the debt issuance reflects market confidence in the securities firm's prospects and strong fundamentals.
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