A unit of China National Cereals, Oils and Foodstuffs Corporation Cofco raised a $1 billion dual-tranche senior fixed-rate bond amid jittery market conditions and increased speculation that the US Federal Reserve could reduce its bond-buying programme in December.
The issue from Prosperous Ray, launched on Tuesday morning and evenly split into the five- and 10-year space, caught a good window, allowing bankers to tighten from an initial guidance of about 200bp and 240bp above Treasuries respectively to a final guidance of 175bp and 220bp over Treasuries, said a source familiar with the situation.
However, the source admits market conditions got shakier overnight when the US markets opened...
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