New Issue: China’s Chexim prices $3 billion of notes due in 2019, 2024

By Christine Van Dusen

Atlanta, July 24 – Export-Import Bank of China (Chexim) priced a combined $3 billion of five- and 10-year notes (Aa3/AA-/) in two tranches on Thursday, a market source said.

The $1.5 billion 2˝% notes due 2019 priced at 99.506 to yield Treasuries plus 90 basis points. Talk was set in the 95 bps area.

The $1.5 billion 3 5/8% notes due 2024 priced at 99.229 to yield Treasuries plus 120 bps, following talk in the 125 bps area.

ANZ, Bank of Communications, Barclays, Credit Agricole CIB, HSBC, ICBC International, JPMorgan and RBS were the bookrunners for the Rule 144A and Regulation S deal.

Chexim is a lender based in Beijing.

Issuer:	Export-Import Bank of China (Chexim)
Amount:	$3 billion
Description:	Notes
Bookrunners:	ANZ, Bank of Communications, Barclays, Credit Agricole CIB, HSBC, ICBC International, JPMorgan, RBS
Trade date:	July 24
Settlement date:	July 31
Ratings:	Moody’s: Aa3
	Standard & Poor’s: AA-
Distribution:	Rule 144A and Regulation S
Five-year notes
Amount:	$1.5 billion
Maturity:	July 31, 2019
Coupon:	2˝%
Price:	99.506
Spread:	Treasuries plus 90 bps
Price talk:	Treasuries plus 95 bps area
10-year notes
Amount:	$1.5 billion
Maturity:	July 31, 2024
Coupon:	3 5/8%
Price:	99.229
Spread:	Treasuries plus 120 bps
Price talk:	Treasuries plus 125 bps area

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