Cofco prices $1bn dual-trancher amid jitters

China’s largest grain producer was able to aggressively price a dual-tranche dollar note despite market talk that the Fed could bring forward tapering on positive US data.

Cofco prices $1bn dual-trancher amid jitters
Cofco was able to price its five-year tranche at the final guidance, while the 10-year tranche tightened 5bp to Treasuries plus 215bp.

A unit of China National Cereals, Oils and Foodstuffs Corporation Cofco raised a $1 billion dual-tranche senior fixed-rate bond amid jittery market conditions and increased speculation that the US Federal Reserve could reduce its bond-buying programme in December.

The issue from Prosperous Ray, launched on Tuesday morning and evenly split into the five- and 10-year space, caught a good window, allowing bankers to tighten from an initial guidance of about 200bp and 240bp above Treasuries...

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