By Angela McDaniels
Tacoma, Wash., Sept. 12 – World Bank, or the International Bank for Reconstruction and Development, priced RMB 1.25 billion of 2.4% one-year offshore renminbi notes on Thursday, according to a news release.
This coupon is roughly 15 basis points below the Chinese government bond yield.
The joint lead managers are Credit Agricole Corporate and & Investment Bank, HSBC Bank plc and Societe Generale.
The issue, the bank’s second renminbi issue this year, was upsized, according to the release.
The issuer (Aaa/AAA) said central banks and official institutions bought 92% of the transaction, bank treasuries and corporates bought 5%, and fund managers bought 3%.
By geography, investors from the Americas accounted for 65%, followed by Asia at 32% and Europe at 3%.
World Bank offers loans to developing countries and is based in Washington, D.C.
| Issuer: | International Bank for Reconstruction and Development
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| Issue: | Offshore renminbi notes
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| Amount: | RMB 1.25 billion
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| Managers: | Credit Agricole Corporate & Investment Bank, HSBC Bank plc, Societe Generale Corporate & Investment Banking
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| Maturity: | Sept. 18, 2015
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| Coupon: | 2.4%
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| Price: | Par
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| Yield: | 2.4%
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 18
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