Chinese borrowers raise multi-tranche bonds

BOC is raising a capped $600m dual-tranche offering, while Alibaba is expected to sell an $8b multi-tranche jumbo on Thursday, buoyed by strong investor sentiment.

Chinese borrowers raise multi-tranche bonds

Bank of China, the country’s fourth largest lender, is the latest Chinese issuer to launch a multi-tranche bond, capturing the interest of investors who are still keen to add on high-quality exposure to their books before year-end.

The three- and five-year tranches of BoC's Reg S-only capped $600 million dual-tranche offering  have initial price guidance of Treasuries plus 170bp and 180bp area respectively, according to a term sheet seen by FinanceAsia....

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