New Issue: China Railway Construction prices $800 million 3.95% perpetual notes at par

By Christine Van Dusen

Atlanta, July 25 – China Railway Construction Corp. Ltd. priced $800 million 3.95% perpetual notes (A3) at par to yield 3.95%, or Treasuries plus 225.1 basis points, on Thursday, a market source said.

The notes were talked at a yield in the 4% area.

Citigroup, HSBC, BNP Paribas, DBS Bank and UBS were the bookrunners for the Regulation S deal.

The construction group is based in Beijing.

Issuer:	China Railway Construction Corp. Ltd.
Amount:	$800 million
Maturity:	Perpetual
Description:	Notes
Bookrunners:	Citigroup, HSBC, BNP Paribas, DBS Bank, UBS
Coupon:	3.95%
Price:	Par
Yield:	3.95%
Spread:	Treasuries plus 225.1 bps
Trade date:	July 24
Settlement date:	Aug. 1
Expected rating:	Moody’s: A3
Distribution:	Regulation S
Price talk:	4% area

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