CDB landmark bonds deepen CNH market

The offering of Rmb4.5 billion was met with strong investor interest and was overall 1.22 times covered.

CDB landmark bonds deepen CNH market
The issue from CDB, the country’s policy bank, is rated Aa3 by Moody’s and AA- by S&P.

China Development Bank has priced a Rmb4.5 billion three-tranche Reg S senior unsecured bond offering, setting a benchmark for upcoming CNH notes.

The deal comprised Rmb1.9 billion 2-year notes at 3-month Hibor plus 20bps, Rmb1.7 billion 5-year notes at 3.6% and Rmb900 million tranche at 4.5%.

Investors were enthusiastic, leading the bank to increase the size by 50% from the original Rmb3 billion. The coupons of the 2-year and 5-year tranches were...

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