China Construction Bank pricing two-year notes: Client note

Distrii co-working and China Construction Bank (CCB) signs at Raffles Place, Singapore CDB. Photo taken November 2021Distrii co-working and China Construction Bank (CCB) signs at Raffles Place, Singapore CDB. Photo taken November 2021

China Construction Bank’s Singapore branch is pricing two-year senior unsecured Singapore dollar benchmark notes, according to a client note seen by Shenton Wire Monday.

The benchmark status suggests at least S$250 million in notes will be sold.

The initial pricing guidance is for the 3.05 percent area, with a landing guidance in the 2.8 percent to 2.9 percent area, the client note said. Bond prices move inversely to yields.

The notes are expected to be rated A1 by Moody’s Investors Service, the client note said. China Construction Bank is rated A1 by Moody’s, A by S&P Ratings, and A by Fitch Ratings, the client note said.

The proceeds are earmarked for funding and general corporate purposes, the client note said.

The joint lead managers and joint bookrunners are China Construction Bank, Agricultural Bank of China’s Singapore branch, Bank of China, DBS Bank, HSBC, ICBC Singapore, ANZ, China International Capital Corp., CLSA, CTBC Bank, OCBC Bank, UOB and Standard Chartered Bank, the client note said.

The notes will be issued under the bank’s US$15 billion medium-term note program, the client note said.