China Development Bank returns to international bond market

Policy bank precedes sovereign with a benchmark issue in dollars and euros.

State-owned China Development Bank CDB returned to the international bond markets on Tuesday night September 27 with an increased dollar bond and decreased euro-denominated bond.

The 10-year dollar bond was initially slated to raise $500 million, but was increased to $600 million on the back of an order book totaling $1.6 billion. Pricing was fixed at 98.152% on a coupon of 4.75% to yield 4.987%. This equated to 99bp over Treasuries and 54bp over Libor. Fees were 20bp.

The five-year euro-denominated bond was initially sized around the Eu500 million mark, but decreased to Eu325 million. It accumulated an order book of Eu560 million and was priced at...

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