By Rebecca Melvin
New York, Sept. 5 – CGNPC International Ltd., a subsidiary of China General Nuclear Power Corp., has priced €500 million 2% green notes due 2025 (expected ratings: A3//A) at 99.696 for a yield of 2.047%, or mid-swaps plus 150 basis points, according to a market source.
Pricing came at the tight end of revised guidance for a yield spread of mid-swaps plus 150 bps to 155 bps, with initial talk set at mid-swaps plus 155 bps.
Orders for the senior unsecured green notes topped €850 million.
Bank of China, BNP Paribas, Credit Agricole CIB and ICBC are joint global coordinators, lead managers and bookrunners of the Regulation S notes.
Agricultural Bank of China, China Construction Bank (Asia), China Everbright Bank Hong Kong branch, CMB International, DBS Bank Ltd., OCBC Bank and Standard Chartered Bank are also joint lead managers and joint bookrunners.
Proceeds are earmarked to fund eligible green projects.
The Shenzhen, China-based nuclear power producer operates under the authority of the state-owned Assets Supervision and Administration Commission of the State Council.
| Issuer: | CGNPC International Ltd.
|
| Guarantor: | China General Nuclear Power Corp.
|
| Amount: | €500 million
|
| Maturity: | Sept. 11, 2025
|
| Description: | Green notes
|
| Bookrunners: | Bank of China, BNP Paribas, Credit Agricole CIB, ICBC, Agricultural Bank of China, China Construction Bank (Asia), China Everbright Bank, Hong Kong Branch, CMB International, DBS Bank Ltd., OCBC Bank and Standard Chartered Bank
|
| Coupon: | 2%
|
| Price: | 99.696
|
| Yield: | 2.047%
|
| Spread: | Mid-swaps plus 150 bps
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Expected ratings: | Moody’s: A3
|
| Fitch: A
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 150 bps to 155 bps, revised from mid-swaps plus 155 bps
|
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