Press Release

JPMFC Acted as the Sole Lead Underwriter on the CLO Offering for Bank of Taizhou Co., Ltd.

J.P. Morgan First Capital Securities Co., Ltd. (JPMFC) acted as the sole lead underwriter, successfully completed the issuance of the CLO for Bank of Taizhou Co., Ltd. (Bank of Taizhou or the Company) on July 24th, 2014, which is the second CLO project underwritten by JPMFC.

Featured by the small and micro enterprise loan business, Bank of Taizhou was selected as the first batch of pilot banks participating in the total RMB 50bn program since the restart of CLOs in 2012. As the deal coordinator, JPMFC made great efforts to coordinate with the deal team members from Bank of Taizhou and other intermediaries to conduct the deal smoothly and effectively. With the joint efforts of all parties, the deal team completed all the application materials in a short period and successfully submitted the application materials to the regulators.

Right after receiving the formal approval from PBoC, JPMFC carried out the sales work smoothly due to the previous CLO experience. Due to the in-depth communication with the investors, DCM captured the best market window and finally completed the deal with 1.7x oversubscription, and the senior tranche was priced lower than expected. The issuance gained recognition from the originator and investors.