Chexim sets euro record

摘要

Export-import bank of china, rated Aa3/AA-/ A+, priced the largest offering of euro-denominated bonds from a Chinese borrower at €2bn (US$2.1bn), according to Thomson Reuters data. Chexim priced a dual-tranche issue, comprising a €1.15bn three-year and a €850m five-year, at 35bp and 60bp over mid-swaps, respectively. The decision to target the euro market rather than US dollars showed the impact of volatile Treasury yields on Asian issuers. Chexim was said to have been deterred from dollars after rising rates and weaker sentiment had forced Chinese issuers, such as Huarong Asset Management, to pay up significantly for recent large-scale deals.