Chexim brings fixed rate debut

Policy bank fights seasonal slowdown and a full pipeline.

The Export Import Bank of China Chexim made a rare entry to the US dollar market on Friday night with a reduced $750 million 10-year deal, priced one day later than expected. The A2BBB rated issue was led by Citigroup, Deutsche Bank, Goldman Sachs global co-ordinator and HSBC.

Pricing came at 98.921% on a coupon of 5.25% to yield 5.391% or 93bp over Treasuries and 44bp over Libor. This was about 3bp tighter than the 96bp marketed range, but to achieve it Chexim had to cut the issue size from $1 billion.

Despite its huge rarity value, the deal appeared to be a tricky one...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222