By Rebecca Melvin
New York, Nov. 22 – Export-Import Bank of China (Chexim) priced a combined $2.1 billion in five-, 10- and 30-year notes and a €1 billion tranche of 5.5-year notes, according to a market source on Wednesday.
The $750 million tranche of five-year notes priced with a 2¾% coupon at 99.288 for a yield of 2.904% and a yield spread of five-year U.S. Treasuries plus 80 basis points. Pricing occurred at the guided spread, which had been revised down from initial talk of 100 bps over Treasuries.
A $600 million tranche of 10-year notes priced with a 3¼% coupon at 99.03 for a yield of 3.365% and a spread of 100 bps over Treasuries, which was the guided price after initial talk was cut from the Treasuries plus 120 bps area.
The $750 million of 30-year bonds priced with a 4% coupon at par, which was below initial talk in the 4.2% area.
The €1 billion of 5.5-year notes priced with a ¾% coupon at 99.413 for a yield of 0.86% and a yield spread of mid-swaps plus 60 bps. That was the expected spread after guidance of mid-swaps plus 60 bps to 65 bps and 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 offered under the bank’s $27 billion medium-term note program, with proceeds earmarked 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 for the dollar notes.
Barclays was billing and delivery for the euro-denominated offering. Bank of China, Bank of Communications, Credit Agricole CIB, China Construction Bank Europe, Commerzbank, HSBC, ING and MUFG were also on the deal.
Chexim is a lender based in Beijing.
| Issuer: | Export-Import Bank of China (Chexim)
|
| Amount: | $2.1 billion and €1 billion
|
| Description: | Notes
|
| Bookrunners for dollar notes: | 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.
|
| Bookrunners for euro notes: | Bank of China, Barclays (bill and deliver), Bank of Communications, Credit Agricole CIB, China Construction Bank Europe, Commerzbank, HSBC, ING and MUFG
|
| Trade date: | Nov. 22
|
| Settlement date: | Nov. 28
|
| Expected ratings: | Moody's: A1
|
| S&P: A+
|
| Distribution: | Regulation S
|
|
|
| 2022 notes
|
| Amount: | $750 million
|
| Maturity: | Nov. 28, 2022
|
| Coupon: | 2¾%
|
| Price: | 99.288
|
| Yield: | 2.904%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 80 bps, revised from 100 bps area
|
|
|
| 2027 notes
|
| Amount: | $600 million
|
| Maturity: | Nov. 28, 2027
|
| Coupon: | 3¼%
|
| Price: | 99.03
|
| Yield: | 3.365%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 100 bps, revised from 120 bps area
|
|
|
| 2047 notes
|
| Amount: | $750 million
|
| Maturity: | Nov. 28, 2047
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4.2% area
|
|
|
| 2023 notes
|
| Amount: | €1 billion
|
| Maturity: | May 28, 2023
|
| Coupon: | ¾%
|
| Price: | 99.413
|
| Yield: | 0.86%
|
| Spread: | Mid-swaps plus 60 bps
|
| Price talk: | Mid-swaps plus 60 bps, revised from plus 60 bps to 65 bps and plus 75 to 80 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
