HONG KONG : China has raised US$4 billion through a U.S. dollar sovereign bond issue, according to a term sheet seen by Reuters.
The pricing for the deal was set at Treasuries plus 6 basis points for the three-year tranche, 12 basis points for five years, 23 basis points for 10 years and 53 basis points for the 30-year tranche. The three- and 10-year tranches each raised US$1 billion, the 5-year raised US$1.5 billion and 30-year US$500 million, the term sheet showed.Initial pricing guidance was given to investors at 35 basis points over Treasuries for the three-year tranche, 45 basis points on the five-year tranche, 55 basis points on the 10-year tranche and 85 basis points on the 30-year tranche.
Demand from investors during the Asian trading session on Tuesday was US$15 billion, nearly four times the deal size, Reuters reported. The bond offering came as the world's second-largest economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector.
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