Three Gorges green bond proves a blowout
China Three Gorges Corp sealed its inaugural offshore green bond on Wednesday, raising €650m from a seven year deal. The notes were sold at a tight spread, with bankers saying that the “European style” execution was due to strong demand from investors.
Joint global co-ordinators Bank of China, Deutsche Bank and JP Morgan released initial price guidance for Three Gorges’ seven-year at the 110bp area over mid-swaps on Wednesday morning.
The three were also the joint lead managers and joint bookrunners, together with CCB International, ICBC, Natixis, Standard Chartered and UBS. Citic
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