Crédit Agricole CIB supported the China Ministry of Finance in breaking new international bond issuance record once again
The Ministry of Finance of the People's Republic of China (China MOF) made its comeback to the US dollar bond market after three years, successfully priced a dual-tranche sovereign bond offering totalling US$2 billion in Saudi Arabia on 13 November.
The issuance attracted US$40 billion in demand, with final orderbooks oversubscribed by 15.5 times and 27.1 times for the 3- and 5-year tranches respectively. China MOF achieved historically tight spreads for both tranches – the US$1.25 billion, 3-year, and US$750 million, 5-year securities were priced at one and three basis points above Treasuries, respectively.
Investors from Asia, Europe, Middle East, and the Americas participated in the transaction, demonstrating strong global investor appetite. Notably, investor ratio from the Middle East reached a record high in this transaction.
Crédit Agricole CIB acted as one of the joint lead managers and joint bookrunners on the transaction. This is the ninth consecutive time Crédit Agricole CIB participated in China MOF’s international bond issuances since 2018. We are also the sole French bank to consistently underwrite dual-currency issuances in US dollars and Euros for China MOF for four consecutive times.
Crédit Agricole CIB is delighted to assist China MOF in its successful US$2 billion sovereign bonds issuance following the euro sovereign bonds issuance in September this year. As an international bank with presence in China for more than a century, we look forward to strengthening our longstanding partnership with Chinese issuers in the global debt capital markets.
Nicolas Vix
Senior Country Officer for China
The historically tight spreads and strong secondary market performance of the new issue reflect a warm welcome from global investors to China MOF’s return to the US dollar market. As we executed our ninth consecutive mandate from China MOF, we extend our congratulations on their remarkable success and express our gratitude for their unwavering trust.
Alan Roch
Head of Credit for Asia-Pacific and the Middle East
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