Issuer : Bank of China Limited, acting through its Abu Dhabi, HK and Singapore branches
Issuer Rating : A1 (stable) by Moody’s, A (stable) by S&P, A (stable) by Fitch
Expected Issue Ratings : A1 by Moody’s and A by Fitch
Format : Reg S, Registered form
Issue Type : Senior, unsecured
BANK OF CHINA USD/CNH/SGD MULTI-TRANCHE
MULTI-TRANCHE REG S REGISTERED TRANSATION ANNOUNCED IN USD/CNH/SGD
PRICE GUIDANCE:
USD: 3YR: T3+140BPS AREA (approx 2.46%)
5YR: T5+150BPS AREA (approx 3.2%)
10YR: T10+180BPS AREA (4.2%)
CNH: 2YR: 3.75% AREA
SGD: 4YR 3.00% AREA
SIZE: BENCHMARK IN EACH TRANCHE
TIMING: TODAY’S BUSINESS
EURO ON REVERSE ENQUIRY
4 year SGD deposit at 3% !!! Paying up for SGD cash when even the UOB SGD perpetual bond callable in 11/2019 is yielding 3.62% !
4 year govt bond 1.54%
4 year interest rates 2%
What do you think ? Senior or Perpetual ?
I am guessing you can leverage alot more off this senior paper too, if you want.
And as for the USD, I believe a >4% coupon would be the highest we have seen for a 10Y senior note this year (but I could be wrong). Still, it would be a good 1% over the Singtel USD 10Y last night.
Aren’t we lucky ?