CITIC Securities unit issues $1.3m in medium-term notes

CITIC Securities announced that its indirect wholly-owned subsidiary, CSI MTN Limited, has issued $1.3 million in medium-term notes under its existing medium-term note program. The issuance is guaranteed by CITIC Securities International, a wholly-owned subsidiary of CITIC Securities. Following this issuance, the total outstanding principal of notes under the program now stands at $2.711 billion. This guarantee is within the company's previously authorized limits.

As of the announcement date, CITIC Securities and its controlled subsidiaries have an aggregate external guarantee balance of 2,067.34 billion yuan, representing 70.53% of the company's most recently audited net assets. The company confirms there are no overdue guarantees. The guarantees are provided to controlled subsidiaries, with no external guarantees exceeding 100% of the company's net assets.

The company's board concluded that the guarantee is necessary and reasonable, as the proceeds will supplement the working capital of the guarantor group. CSI MTN Limited is a special purpose vehicle for offshore debt financing, and CITIC Securities, through its 100% ownership, can effectively monitor its solvency.