Chexim scores a success

Policy bank attracts big order book.

The Export Import Bank of China Chexim exorcised the ghosts of 2004 yesterday July 14 with a highly successful $1 billion 10-year fixed rate deal via BNP Paribas, Citigroup, HSBC and Merrill Lynch. Benefitting from a strong market tone, the group was able to attract an order book of $5.8 billion after a four-day bookbuild.

The deal was priced at 98.801% on a coupon of 4.875% to yield 5.029%. This equated to 85bp over Treasuries, or 42bp over Libor. Fees were 18bp.

The bank's outstanding July 2014 deal was said to have been trading at 76bp over Treasuries and 35bp over Libor at the time of pricing....

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