Chexim scores a success

Policy bank attracts big order book.

The Export Import Bank of China Chexim exorcised the ghosts of 2004 yesterday July 14 with a highly successful $1 billion 10-year fixed rate deal via BNP Paribas, Citigroup, HSBC and Merrill Lynch. Benefitting from a strong market tone, the group was able to attract an order book of $5.8 billion after a four-day bookbuild.

The deal was priced at 98.801% on a coupon of 4.875% to yield 5.029%. This equated to 85bp over Treasuries, or...

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