By Christine Van Dusen
Atlanta, Sept. 30 – China Development Bank priced a two-tranche issue of dollar-denominated and euro-denominated notes (Aa3/AA) in a Regulation S deal on Tuesday, a market source said.
The $1 billion 2½% notes due in 2020 priced at 99.613 to yield 2.583%, or Treasuries plus 120 basis points. The notes were talked at a spread of 110 bps to 120 bps.
The €500 million 7/8% notes due in 2018 priced at 99.856 to yield mid-swaps plus 80 bps.
Barclays, BNP Paribas, Bank of China, Deutsche Bank, HSBC, JPMorgan, Societe Generale and Standard Chartered were the bookrunners for the Regulation S deal.
The proceeds will be used for working capital and general corporate purposes.
China Development Bank is a financial institution based in Beijing.
| Issuer: | China Development Bank Corp.
|
| Amount: | $1 billion and €500 million
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BNP Paribas, Bank of China, Deutsche Bank, HSBC, JPMorgan, Societe Generale, Standard Chartered
|
| Trade date: | Sept. 29
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Distribution: | Regulation S
|
|
|
| Notes due 2020
|
| Amount: | $1 billion
|
| Maturity: | 2020
|
| Coupon: | 2½%
|
| Price: | 99.613
|
| Yield: | 2.583%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 110 bps to 120 bps
|
|
|
| Notes due 2018
|
| Amount: | €500 million
|
| Maturity: | 2018
|
| Coupon: | 7/8%
|
| Price: | 99.856
|
| Spread: | Mid-swaps plus 80 bps
|
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