New Issue Commentary — The Ministry of Finance of the People’s Republic of China
Dealer commentary on this issuer’s latest new issue, summarised.
The Ministry of Finance of the People’s Republic of China printed two tranches of RMB Reg S Green Bonds, each RMB 2BN and rated Senior Unsecured: a 3year due 16 November 2029 and a 5year due 16 November 2031. Both tranches were guided in from initial price guidance of 1.80% area (3year) and 1.90% area (5year) and tightened to final price guidance of 1.40% and 1.50%, respectively. Both priced at par (100) at coupons equal to final guidance. Book size, oversubscription, and investor allocation details are not available at this time, so demand color is limited to the pricing and guidance movement.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| People’s Republic of China RMB Reg S Green Bonds (3-Year) | 3 Years | 1.40% (S/A, ACT/365) | RMB | RMB 2BN | Senior Unsecured | 16 November 2029 |
| People’s Republic of China RMB Reg S Green Bonds (5-Year) | 5 Years | 1.50% (S/A, ACT/365) | RMB | RMB 2BN | Senior Unsecured | 16 November 2031 |