Investors Lap Up 10-Year Chinese Offering

China last week sold a €1 billion tranche--the largest ever euro-denominated Asian offering--that was priced three basis points tighter than initial guidance.

  • 22 Oct 2004
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China last week sold a €1 billion tranche--the largest ever euro-denominated Asian offering--that was priced three basis points tighter than initial guidance.

The investment-grade, 10-year transaction is twice the size of China's 2003 Eurobond offering. It is noteworthy because it "attracted a large number of real money investors," said Robert Whichello, official on the emerging market syndicate desk at BNP Paribas, which was joint lead on the deal with Deutsche Bank and UBS. He said 82% of the euro-denominated part was purchased by European investors, which he called a significant level. China also sold a $500 million class as part of the overall $1.7 billion offering.

Whichello added 70% of the book was made up by real money accounts with more than half of the bonds going to pension funds, insurance companies, central banks and asset managers. London-based investors noted that the benchmark size of the transaction, along with its 10-year maturity, was a key selling point.

The deal was priced last week at mid-swaps plus 40bps, versus price guidance of 43bps.

  • 22 Oct 2004

All International Bonds

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 JPMorgan 330.95 1510 8.45%
2 Citi 304.72 1301 7.78%
3 Bank of America Merrill Lynch 260.15 1094 6.64%
4 Barclays 236.21 972 6.03%
5 HSBC 192.93 1066 4.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 38.62 175 7.25%
2 Credit Agricole CIB 36.89 155 6.92%
3 JPMorgan 29.35 74 5.51%
4 Bank of America Merrill Lynch 24.91 70 4.68%
5 UniCredit 24.62 134 4.62%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9.98 67 9.68%
2 Morgan Stanley 9.41 44 9.13%
3 Goldman Sachs 8.72 45 8.46%
4 Citi 6.91 54 6.70%
5 UBS 5.28 29 5.12%