China has priced a US$6 billion bond, the largest US dollar-denominated sovereign bond offering by the government to date.
The issuance attracted an order book of nearly 3.6 times the issue size from international investors. China’s central government also priced RMB5 billion (US$720 million) bonds in Hong Kong subsequently.
The US dollar-denominated bonds comprise four series: US$1.5 billion three-year bonds (yield: 1.929%); US$2 billion five-year bonds (yield: 1.996%); US$2.0 billion 10-year bonds (yield: 2.238%); and US$500 million 20-year bonds (yield: 2.881%), all of which target institutional investors.
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