Fri. Oct 30th, 2020

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China raises $6 billion as US investors look past political tensions

1 min read

China USA

China has raised $6 billion in a dollar bond issue that was offered to U.S. investors for the first time just weeks before the Nov. 3 election.

The deal, the fifth foreign currency denominated bond since China reinstated its offshore debt sales programme in 2017, attracted $27.2 billion in orders, the term-sheet showed.

China has issued four dollar bonds and one euro bond in the past three years.

The debt was priced at 25 basis points above U.S. Treasuries for the $1.25 billion three-year tranche, 30 basis points for the $2.25 billion 5-year tranche, 50 basis points for the $2 billion 10-year tranche and 80 basis points for the $500 million 30-year tranche, the term-sheet showed.

It was the first time China has offered debt to U.S.-based investors who were most active in the longer-dated tranches of the transaction.

U.S investors, primarily fund managers, were the largest buyers of the 30-year tranche, picking up 47% of the $500 million sold, according to the term-sheet.

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