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The Export-Import Bank of China (Chexim) launched an opportunistic $250m tap on Wednesday, enlarging the 10 year bond it launched in July to a more impressive benchmark size of $1bn.
Sole lead manager HSBC priced the Reg S 144A deal at 100.295 with a yield of 5.211% to give a spread of 93bp over Treasuries.
That was the same spread as Chexim achieved when it launched the original deal in late July via HSBC and three other lead managers, Citigroup, Deutsche Bank and Goldman Sachs.
The A2/BBB+ rated state policy bank had always wanted to raise $1bn and had regulatory approval to do so, but at the time of the initial launch it reduced the size so as to tighten the pricing from the original talk of 96bp over Treasuries to 93bp over.
About 15 new accounts bought the bonds, with distribution heavily skewed to Asia (95%). Of that, most went to Greater China, with Singapore and Japan taking about 20%.
Having received some reverse enquiries...