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On April 2, 2020, the New Development Bank successfully issued a 3-year CNY Coronavirus Combating Bond in the China Interbank Bond Market. The Bank raised CNY 5 billion, garnered interest from a high-quality diversified investor base both onshore in mainland China, as well as offshore.

The bond was priced at the lower end of the announced pricing range, and the transaction represents the largest-ever CNY-denominated bond as well as the first CNY-denominated Coronavirus Combating Bond issued by multilateral development bank in China.

The final order book was in excess of CNY 15 billion, more than 3 times oversubscribed. The bond distribution was well balanced between onshore and offshore investors. The distribution by geography was as follows: China Mainland – 41%, EMEA – 45%, APAC (excl. China Mainland) – 14%. The bond investor distribution by investor type: Central Banks/Official Institutions – 54%, Banks – 45%, Securities Companies – 1%.

Maturity
3-year
Amount
CNY 5bn
Coupon
2.43%
Issuer Rating
AA+ (S&P and Fitch) | AAA (JCR and ACRA) | AAA (CCXI and China Lianhe)
Instrument
Senior Unsecured
Listing
China Interbank Bond Market
Pricing
April 1-2nd, 2020
Settlement
April 3rd, 2020
Joint Lead Underwriters
Industrial and Commercial Bank of China Ltd., Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Ltd