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Export-Import Bank of China launches $2.1 billion in three tranches, 1 billion 5.5-year notes
By Rebecca Melvin
New York, Nov. 21 Export-Import Bank of China (Chexim) launched a combined $2.1 billion in five-, 10- and 30-year notes and a 1 billion tranche of 5.5-year notes on Tuesday, according to a market source.
Indications of interest were significant after the company announced five- and 10-year dollar notes and possibly a 30-year tranche and the euro notes on Monday, the market source said.
The $750 million tranche of five-year notes was guided to a yield spread of 80 basis points over five-year Treasuries, which was revised from initial talk of 100 bps over five-year Treasuries.
The $600 million of 10-year notes was guided to a yield of 10-year Treasuries plus 100 bps, following initial talk in the Treasuries plus 120 bps area.
The $750 million of 30-year bonds was guided to a 4% yield, from initial talk in the 4.2% area.
The 1 billion of 5.5-year notes was expected to price at mid-swaps plus 60 bps, after being guided to mid-swaps plus 60 bps to 65 bps from initial talk at mid-swaps plus 75 bps to 80 bps.
Order books for the euro deal were in excess of 1.7 billion.
The Regulation S notes (A1/A+) were being offered under the banks $27 billion medium-term note program, with proceeds are for general corporate purposes.
Bank of China, Barclays, Bank of Communications, Credit Agricole CIB, China Construction Bank Europe, DBS Bank Ltd., ING, KGI Asia, Mizuho Securities, MUFG and Westpac Banking Corp. were the bookrunners of the five- and 10-year notes.
Bank of China, Barclays, Bank of Communications, Credit Agricole CIB, ING, KGI Asia, Mizuho Securities and MUFG were bookrunners of the 30-year notes.
Barclays was billing and delivery for the euro-denominated offering.
Listing on the Singapore Exchange Securities Trading Ltd. is planned.
Chexim is a lender based in Beijing.
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