Beijing Infrastructure builds out euro curve

Beijing Infrastructure Investment BII returned to the euro markets for the second time this year with a 600 million $650 million deal on Monday.

Given its sizeable capex programme to develop Beijing's subway system, the AA1A rated group was keen to find an early window to execute its deal even if it meant paying a larger-than-normal new issue premium to clear the transaction in febrile markets.

After setting out with guidance of 145bp over mid-swaps for a benchmark four-year offering, the group tightened final guidance to 135bp over. Pricing of the July 2019 bond was fixed at 99.412 on a coupon of 1.5% to...