China Construction Bank Asia sold a 500 million $568 million bond on Wednesday night, reopening the door for Asian issuers to consider the euro market as basis swaps improve.
The Reg S-only offering the first euro-denominated bond from a Chinese financial institution priced at mid-swaps plus 120bp, which is 15bp tighter than the initial price guidance area, according to a term sheet seen by FinanceAsia.
The improvement in the cross-currency basis swap between the dollar and the euro currency played a major role in this transaction, setting the benchmark for other similar issuers to look at the market down the road, said a source close...
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