Press Release

JPMFC acted as the lead underwriter for the RMB 800 million subordinated bond (the first issuance) for First Capital Securities Co., Ltd.

On 3rd Feb., 2015, J.P. Morgan First Capital (“JPMFC”), the lead underwriter, successfully completed the offering of the RMB 800 million subordinated bond (the first issuance) for First Capital Securities Co., Ltd. (“the Issuer”). 

This is the first issuance of the subordinated bonds by the Issuer under the newly adopted filing rules for the securities company’s subordinated bonds. In order to accurately price the bond, the DCM team kept constant communication with potential investors, grasped a favorable market window during a loosen liquidity period shortly after the New Year’s Day, and locked all funds of investment in advance of the original issuance date. The bond was eventually priced at 7%, which is lower than peer issuances and beyond the Issuer’s expectation. The team received high recognition from the Issuer for their smooth collaboration and effective execution.