China's government has mandated 13 investment banks to lead a U.S. dollar s...
HONG KONG - China’s government has mandated 13 investment banks to lead a U.S. dollar sovereign bond deal, according to a term sheet seen by Reuters, its third since its international debt issuance program was revived two years ago.
The term sheet showed there will be four tranches of bonds, which have not been rated by any agency. A person familiar with the transaction said the tranches would be three-, five-, 10- and 20-years in maturity. China sold its first euro-denominated bond in 15 years earlier in November, raising $4.4 billion and analysts believe the European markets will become a greater source of funds for the mainland in the future.
The euro issuance was seen as a benchmark for Chinese issuers in the euro market, which could help steer corporate issuance away from dollar-denominated debt, at a time when China and the United States are embroiled in a protracted trade war.
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