ASIA-PACIFIC

摘要

Hong Kong's hai chao trading priced a US$300m offering of three-year Reg S floating-rate notes to yield a spread of 165bp over three-month Libor last week. Earlier indications were for a spread in the area of 170bp over three-month Libor. The deal was announced on August 1. The bonds will be issued from China Funding Investment 2014-2, a special purpose vehicle, with Hai Chao Trading as the underlying borrower. The offshore borrower has entered into a keepwell agreement with its onshore parent, Zhejiang-based Zhongce Rubber Group. The Export-Import Bank of China, Zhejiang Branch, rated Aa3 and AA-, will guarantee the FRN.