China Cinda sells blockbuster $3b bond

State-backed bad debt managment firm keeps the multi-tranche fad alive, raising its second mammoth dual-tranche bond in less than a year.

China Cinda sold a $3 billion dual-tranche offering early Friday morning, pricing its second bond in slightly less than a year thanks to lower funding costs.

Rated A3A-A, the Chinese bad debt management firm priced a $1.3 billion five-year note and $1.7 billion 10-year note at Treasuries plus 190 basis points and 240bp, which is 25bp tighter than their initial price guidance areas, according to a term sheet seen by FinanceAsia.

The cost of the latest Reg S144A bond is much cheaper than its previous dual-tranche offering raised last May, when it also priced a five- and 10-year tranche at Treasuries...

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