Published on 3/7/2013 in the Prospect News Emerging Markets Daily.
New Issue: China Vanke sells $800 million 2 5/8% five-year notes at Treasuries plus 199 bps
By Christine Van Dusen
Atlanta, March 7 - China Vanke Co. priced an $800 million issue of 2 5/8% five-year notes (Baa2/BBB+/BBB+) at 99.397 to yield 2.755%, or Treasuries plus 199 basis points, a market source said.
The notes were talked at a spread in the 200 bps area.
HSBC and Deutsche Bank were the active leads. Bank of China, DBS, UBS and JPMorgan were also joint bookrunners.
China Vanke is a real estate developer based in Shenzhen, China.
Issuer: | China Vanke Co.
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Amount: | $800 million
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Maturity: | March 13, 2018
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Description: | Notes
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Bookrunners: | HSBC, Deutsche Bank (active leads); Bank of China, DBS, UBS, JPMorgan
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Coupon: | 2 5/8%
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Price: | 99.397
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Yield: | 2.755%
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Spread: | Treasuries plus 199 bps
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Trade date: | March 7
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Settlement date: | March 13
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB+
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| Fitch: BBB+
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Distribution: | Regulation S
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Price talk: | Treasuries plus 200 bps area
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