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Issuer: People's Republic of China
Amount: y30 billion
Spread: 89bp over the JGB 112
Lead Manager: Nomura International
The People's Republic of China (PRC) returned to the Eurobond market after a six year absence in September, achieving impressive pricing in the process. The PRC last raised funds in the Eurobond market in 1987 with a Dm3oo million issue led by Dresdner Bank. "We want to re-establish our name in the market and set a benchmark for other Chinarelated banks and agencies," said Gao Jian, deputy director of the department of state debt administration at the Chinese Ministry of Finance after the London leg of the roadshow for the latest offering. This was achieved when the Y30 billion five year Euroyen issue was priced to yield 89 basis points (bp) over Japanese government bonds...