Borui Xiao

Experiences

USD 1bn Basel III-compliant AT1 PerpNC5 bond offering for ICBC Asia
-Collaborated closely with FIG team to prepare roadshow materials. Drafted the sales memo and provided daily market and trading comps update for the client to identify the optimal market window
USD benchmark size Reg S bond offering for a leading Hong Kong real estate company
-Prepared pitching documents and kick off documents, and provided real estate daily market and trading comps update for the client to identify the optimal market window

Detailed Description

USD 1bn Basel III-compliant AT1 PerpNC5 bond offering for ICBC Asia
-Collaborated closely with FIG team to prepare roadshow materials. Drafted the sales memo and provided daily market and trading comps update for the client to identify the optimal market window
-The transaction represents the lowest offering yield AT1 securities ever priced worldwide, as well as the largest offering size among Hong Kong banks
USD benchmark size Reg S bond offering for a leading Hong Kong real estate company
-Prepared pitching documents and kick off documents, and provided real estate daily market and trading comps update for the client to identify the optimal market window
-Performed credit comps and trading comps analysis as well as new issue concession analysis to help syndicate with pricing; collaborated with RE team to draft the capital committee memo

USD 700M leveraged loan for Baring Asia Private Equity
-Collaborated closely with FIG team to underwrite a term loan package through >6x leverage, to finance Baring’s acquisition of Vistra and Orangefield
-Drafted the sales memo and provided daily market and trading comps update for the client to identify the optimal market window

Detailed Description

USD 700M leveraged loan for Baring Asia Private Equity
-Collaborated closely with FIG team to underwrite a term loan package through >6x leverage, including USD 515M 1st Lien Term Loan and USD 185M 2nd Lien Term Loan to finance Baring’s acquisition of Vistra and Orangefield
-Drafted the sales memo and provided daily market and trading comps update for the client to identify the optimal market window
USD ~400M CNH hybrid offering for a leading wind power generating company
-Prepared pitching documents for the offering of ~USD 400 million CNH perpetual securities which will be the first offshore
corporate perpetual securities
-Performed credit comps and trading comps analysis as well as new issue concession analysis to help syndicate with pricing; built an operating model of the issuer; performed offshore liquidity analysis and industry trend analysis for capital committee

USD 841 million private placement of Soochow Securities (SHSE:601555)
-Researched secondary issuance methods of 16 A-Share commercial banks to provide advisory guide for the offering

Detailed Description

USD 841 million private placement of Soochow Securities (SHSE:601555)
-Researched secondary issuance methods of 16 A-Share commercial banks to provide advisory guide for the offering
-Collaborated with the Equity Capital Markets team to prepare the private placement memo and documents for roadshow
Potential IPO of a leading insurance company in Mainland China
-Performed P/B and P/EV (Price per share/Embedded Value per share) analysis across comparable public insurance companies
-Researched the market and the industry comprehensively by reading Swiss Re reports and the annual reports of public insurance
companies to decide an optimal market window for the company’s IPO

Company Description

A joint-venture of Credit Suisse and Founder Securities

Student at HEC Paris