By Rebecca Melvin
New York, Oct. 20 – China Development Bank priced €1.25 billion 0% three-year fixed-rate notes (//A) on Monday to yield mid-swaps plus 55 basis points, according to a syndicate source.
The notes priced at 99.934 to yield 0.022%.
The notes were guided to yield in the mid-swaps plus 60 bps area from initial talk in the 80 bps area.
The order book was more than €5.4 billion at the time guidance was released.
The note is a drawdown from the lender’s $30 billion debt issuance program.
The Regulation S euro notes were sold via Bank of China, ICB, China Construction Bank, BNP Paribas, Credit Agricole, Deutsche Bank and DZ Bank.
The lender is based in Shenzhen, China.
| Issuer: | China Development Bank
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| Issue: | Senior notes
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| Amount: | €1.25 billion
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| Maturity: | Oct. 27, 2023
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| Bookrunners: | Bank of China, ICB, China Construction Bank, BNP Paribas, Credit Agricole, Deutsche Bank and DZ Bank
|
| Coupon: | 0%
|
| Price: | 99.934
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| Yield: | 0.022%
|
| Spread: | Mid-swaps plus 55 bps
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| Talk: | Guided to mid-swaps plus 60 bps area from mid-swaps plus 80 bps
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 27
|
| Rating: | Fitch: A
|
| Distribution: | Regulation S
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| Listings: | Hong Kong Stock Exchange and Chongwa (Macao) Financial Asset Exchange Co., Ltd. Stock Exchange of Hong Kong Ltd.
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