The Export Import Bank of China Chexim made a rare entry to the US dollar market on Friday night with a reduced $750 million 10-year deal, priced one day later than expected. The A2BBB rated issue was led by Citigroup, Deutsche Bank, Goldman Sachs global co-ordinator and HSBC.
Pricing came at 98.921% on a coupon of 5.25% to yield 5.391% or 93bp over Treasuries and 44bp over Libor. This was about 3bp tighter than the 96bp marketed range, but to achieve it Chexim had to cut the issue size from $1 billion.
Despite its huge rarity value, the deal appeared to be a tricky one...
