By Mary-Katherine Stinson
Lexington, Ky., May 17 - Export Import Bank of China (Chexim) priced $1.5 billion of 3 7/8% series 2 notes due May 16, 2026 (A+), according to a pricing supplement.
The Regulation S notes are non-callable, except for taxation reasons, in which case they will be callable at par.
Bank of China, Bank of Communications, Barclays, China Citic Bank International, Credit Agricole CIB, HSBC Ltd., Industrial and Commercial Bank of China (Asia) and MUFG Securities Asia Ltd. are the joint global coordinators, joint bookrunners and joint lead managers.
Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China (Hong Kong), China Construction Bank (Asia), China Minsheng Banking Corp., Ltd., Hong Kong Branch, DBS Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch are also listed as joint bookrunners and joint lead managers.
The notes were issued under the bank’s $27 billion medium-term note program.
Proceeds will be used for general corporate purposes.
The notes will be listed on the Singapore Exchange effective May 17.
The issuer is a state-owned policy bank.
| Issuer: | Export Import Bank of China
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| Amount: | $1.5 billion
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| Issue: | Senior notes
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| Maturity: | May 16, 2026
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| Bookrunners: | Bank of China, Bank of Communications, Barclays, China Citic Bank International, Credit Agricole CIB, HSBC Ltd., Industrial and Commercial Bank of China (Asia) and MUFG Securities Asia Ltd. (global coordinators), Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China (Hong Kong), China Construction Bank (Asia), China Minsheng Banking Corp., Ltd., Hong Kong Branch, DBS Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch
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| Trustee: | China Construction Bank (Asia) Corp. Ltd. as fiscal agent
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| Counsel to issuer: | Sidley Austin (English law) and Commerce & Finance Law Offices (Chinese law)
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| Counsel to bookrunners: | Linklaters (English law) and Haiwen & Partners (Chinese law)
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| Coupon: | 3 7/8%
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| Price: | 99.435
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| Call features: | Non-callable
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| Pricing date: | May 9
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| Settlement date: | May 16
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| Listing date: | May 17
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| Ratings: | S&P: A+
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| Distribution: | Regulation S
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| ISIN: | XS2613748545
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