China State Shipbuilding set to propel euro wave

China State Shipbuilding makes its maiden voyage in the euro-denominated bond markets, at the forefront of what bankers believe will become a key theme in 2015.

China State Shipbuilding Corporation CSSC became the second Chinese borrower in as many weeks to raise euro-denominated funds on Wednesday in what may become a key trend in 2015.

The state-owned group opted for a credit-enhanced structure for its 500 million three-year Reg S deal, which was rated A1AA after securing an irrevocable standby letter of credit SBLC from Bank of China London. Pricing was fixed at 99.907% on a coupon of 1.7% to yield 1.732% or 155bp over euro mid-swaps.

This was 25bp inside initial guidance around the 180bp mark and the tight end of pricing 5bp either side of 160bp. The final order...

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