By Reshmi Basu
New York, July 14 - Export-Import Bank of China (Chexim) priced $1 billion of 10-year notes (A2/BBB+) at 98.801 with a 4 7/8% coupon to yield 5.029%, or 85 basis points over Treasuries, according to a market source.
The deal priced at the tight end of revised price guidance. Guidance had been tightened to 85 to 87 basis points over Treasuries from 87 to 92 basis points.
BNP Paribas, Citigroup, HSBC, and Merrill Lynch were joint lead managers and joint bookrunners. Bank of China International and Goldman Sachs were also joint lead managers.
The issuer, based in Beijing, is a policy-oriented bank owned by the Chinese government.
| Issuer: | Export-Import Bank of China
|
| Amount: | $1 billion
|
| Issue: | Senior fixed-rate notes
|
| Maturity: | July 21, 2015
|
| Coupon: | 4 7/8%
|
| Issue price: | 98.801
|
| Yield: | 5.029%
|
| Spread: | 85 basis points over Treasuries
|
| Pricing date: | July 14
|
| Settlement date: | July 21
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC, Merrill Lynch
|
| Joint lead managers: | Bank of China International, Goldman Sachs
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
| Revised guidance: | 85-87 basis points over Treasuries
|
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