By Rebecca Melvin
New York, Nov. 18 – People’s Republic of China priced €4 billion of senior notes (expected rating: A1) due in five, 10 and 15 years, according to a market source.
Pricing of the Regulation S notes came tight to initial talk.
The €750 million 0% five-year notes priced at 100.763 to yield negative 0.152%, or a spread of mid-swaps plus 30 basis points. That pricing was tight to initial talk in the area of mid-swaps plus 45 bps.
The €2 billion ¼% 10-year bonds priced at 99.332 to yield 0.318%, or a spread of mid-swaps plus 55 bps. That pricing was tight to initial talk in the area of mid-swaps plus 70 bps.
The €1.25 billion of 5/8% 15-year notes priced at 99.445 to yield 0.664%, or a spread of mid-swaps over 70 bps. That pricing was tight to initial talk in the area of mid-swaps plus 90 bps.
Joint lead managers and joint bookrunners were Bank of China, Bank of Communications, China International Capital Corp., BofA Securities, Credit Agricole CIB, Deutsche Bank, Goldman Sachs (Asia) LLC, HSBC, JPMorgan, Societe Generale, Standard Chartered Bank and UBS.
Proceeds will be used for general government purposes.
| Issuer: | Ministry of Finance of the People’s Republic of China
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| Issue: | Senior notes
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| Amount: | €4 billion
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| Bookrunners: | Bank of China, Bank of Communications, China International Capital Corp., BofA Securities, Credit Agricole CIB, Deutsche Bank, Goldman Sachs (Asia) LLC, HSBC, JPMorgan, Societe Generale, Standard Chartered Bank and UBS
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| Pricing date: | Nov. 18
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| Settlement: | Nov. 25
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| Ratings: | Moody’s: A1
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| Distribution: | Regulation S
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| Five-year notes
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| Amount: | €750 million
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| Maturity: | Nov. 25, 2025
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| Coupon: | 0%
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| Price: | 100.763
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| Yield: | Negative 0.152%
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| Spread: | Mid-swaps plus 30 bps
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| Price talk: | Mid-swaps plus 45 bps area
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|
|
| 10-year notes
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| Amount: | €2 billion
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| Maturity: | Nov. 25, 2030
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| Coupon: | ¼%
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| Price: | 99.332
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| Yield: | 0.318%
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| Spread: | Mid-swaps plus 55 bps
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| Price talk: | Mid-swaps plus 70 bps area
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| 15-year notes
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| Amount: | €1.25 billion
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| Maturity: | Nov. 25, 2035
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| Coupon: | 5/8%
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| Price: | 99.445
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| Yield: | 0.664%
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| Spread: | Mid-swaps plus 70 bps
|
| Price talk: | Mid-swaps plus 90 bps area
|
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