Guangzhou Metro grabs $830m from dual-tranche outing

Guangzhou_metro_Adobe_11Sep
By Alice Huang
11 Sep 2020

Chinese local government financing vehicle (LGFV) Guangzhou Metro Group Co priced a tight dual-tranche deal on Thursday, including a 10 year tranche for the first time, in a bid to take advantage of falling yields.

Guangzhou Metro’s previous outings in the dollar market usually included three year or five year tenors, including its latest $200m 2.609 2024 notes sold in 2019.

But for its return on Thursday, the LGFV launched a five year and 10 year dual-tranche deal.

A syndicate banker ...

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