Chexim launches debut dollar denominated loan

China policy bank breaks new ground as it looks for US dollars at home.

Export-Import Bank of China Chexim is making its loan market debut with a $200 million five-year term loan. Citigroup has been mandated to arrange the financing and launched the deal into syndication on September 14. The loan is the first of its kind in the People's Republic of China, although last year China Development Bank became the first Chinese financial institution to tap the onshore dollar bond market with a $500 million issue.

Chexim is solely owned by the government, through which state policies relating to industry, foreign trade and economics and finance are implemented. Citigroup has invited domestic banks and international institutions with branches in the PRC to participate in...

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