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Published on 10/20/2020 in the Prospect News Emerging Markets Daily.

New Issue: China Development Bank sells €1.25 billion 0% three-year notes at mid-swaps plus 55 bps

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
Issue:Senior notes
Amount:€1.25 billion
Maturity:Oct. 27, 2023
Bookrunners:Bank of China, ICB, China Construction Bank, BNP Paribas, Credit Agricole, Deutsche Bank and DZ Bank
Coupon:0%
Price:99.934
Yield:0.022%
Spread:Mid-swaps plus 55 bps
Talk:Guided to mid-swaps plus 60 bps area from mid-swaps plus 80 bps
Pricing date:Oct. 19
Settlement date:Oct. 27
Rating:Fitch: A
Distribution:Regulation S
Listings:Hong Kong Stock Exchange and Chongwa (Macao) Financial Asset Exchange Co., Ltd. Stock Exchange of Hong Kong Ltd.

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