Chinese banks mandate international bond deals

Chexim and ICBC mandate benchmark dollar bonds, with CDB likely to follow shortly after.

July is shaping up to be the month for Chinese bank bonds, with $1.5 billion in paper expected from the Export Import Bank of China Chexim and ICBC Asia.

Government-owned policy bank Chexim has mandated Citigroup, Goldman Sachs and HSBC for a $1 billion 10-year 144a issue, which is being prepared for launch in mid-July. Prior to this, ICBC Asia is likely to bring a $300 million five-year Reg S deal via Goldman Sachs, HSBC and JPMorgan at the beginning of the month.

International bond issues from China are extremely rare and there has been virtually no paper from the banking sector, particularly the fixed rate...

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