China raises 4 bln euros in bond deal

HONG KONG, Nov 11 (Reuters) – China finalised a three-tranche bond deal worth 4 billion euros ($4.63 billion) on Thursday, according to a term sheet seen by Reuters.

The country’s Ministry of Finance raised 1.5 billion euros in the three-year tranche, 1.5 billion euros in the seven-year and 1 billion euros in the 12-year tranche, the term sheet said.

Each of the tranches priced significantly cheaper than the guidance given to investors when the deal launched on Wednesday.

The three-year tranche was priced flat with the mid-swap rate after the initial pricing guidance was plus 20 basis points, while the seven-year tranche was priced 20 basis points cheaper than first flagged.

The 12-year tranche pricing was set at the mid-swap rate plus 52 basis points, compared with the guidance of plus 65 basis points.

($1 = 0.8648 euros)

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