By Christine Van Dusen
Atlanta, April 19 – Export-Import Bank of China (Chexim) priced a combined $2.25 billion of five- and 10-year notes and €650 million of three-year notes on Tuesday, a syndicate source said.
The $1.25 billion notes due 2021 priced at Treasuries plus 85 basis points, following talk of 85 bps to 90 bps.
The $1 billion notes due in 2026 priced at Treasuries plus 120 bps. Talk was set at 120 bps to 125 bps over Treasuries.
And the €650 million notes due in 2019 priced mid-swaps plus 55 bps, following talk of mid-swaps plus 55 bps to 60 bps.
Bank of China, Bocom HK Branch, Barclays, Citigroup, HSBC, Mizuho Securities and MUFG were the global coordinators for the Regulation S deal. Bocom International, ING, KGI Securities and Westpac Banking were bookrunners.
The proceeds will be used for general corporate purposes.
Chexim is a lender based in Beijing.
| Issuer: | Export-Import Bank of China (Chexim)
|
| Amount: | $2.25 billion; €650 million
|
| Description: | Senior notes
|
| Bookrunners: | Bank of China, Bocom HK Branch, Barclays, Citigroup, HSBC, Mizuho Securities, MUFG (global coordinators); Bocom International, ING, KGI Securities, Westpac Banking
|
| Trade date: | April 19
|
| Settlement date: | April 26
|
| Expected ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Distribution: | Regulation S
|
|
|
| 2021 notes
|
| Amount: | $1.25 billion
|
| Maturity: | April 26, 2021
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 85 bps to 90 bps
|
|
|
| 2026 notes
|
| Amount: | $1 billion
|
| Maturity: | April 26, 2026
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 120 bps to 125 bps
|
|
|
| 2019 notes
|
| Amount: | €650 million
|
| Maturity: | April 26, 2019
|
| Spread: | Mid-swaps plus 55 bps
|
| Price talk: | Mid-swaps plus 55 bps to 60 bps
|
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