China Merchants Hldg : China Merchants Now Seeks To Price Bond To Yield Treasurys +325-337.5 BPs - Term Sheet
04/26/2012| 05:41am US/Eastern
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(Updates first paragraph with latest yield guidance.)
By Natasha Brereton-Fukui
Of
China Merchants Holdings (International) Co. (0144.HK) has tightened guidance on its planned dollar bond and is seeking to price it as early as today to yield 325-337.5 basis points over comparable Treasurys, according to a term sheet seen by Dow Jones Newswires Thursday.
Earlier guidance had suggested a yield of around 350 basis points over comparable Treasurys. The maximum size of the proposed 10-year deal is $500 million, the latest term sheet confirmed.
The planned fixed-rate senior unsecured Reg S offering is provisionally rated Baa2 by Moody's Investors Services and triple-B by Standard & Poor's Ratings Services, both with stable outlooks.
Bank of America Merrill Lynch, Deutsche Bank and Standard Chartered are joint bookrunners and lead managers, while ING and Mitsubishi UFJ Securities are co-managers.
-By Natasha Brereton-Fukui, Dow Jones Newswires; +65-6415-4044; natasha.brereton-fukui@dowjones.com
--Carol Chan contributed to this report.
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