Standard Chartered Bank Prices Debut CNH700m Bond Issuance for BP
Standard Chartered Bank has successfully priced a debut offshore renminbi (CNH)700m bond issuance for BP. The three-year fixed rate offering is priced at 1.70%. The transaction marks the first CNH bond issuance listed at the London Stock Exchange (LSE). The note proceeds will be used to fund BP’s business onshore in China.
Adam Tyrrell, head of capital markets Europe, Standard Chartered Bank, said: “We were delighted to assist BP on its debut CNH bond transaction. Despite continued volatility in the credit markets, the transaction was very well received by investors in Asia and Europe, which is a reflection of BP’s strong brand name and credit quality, and the resilient investor interest in CNH bond issuances. The final orderbook was well oversubscribed with CNH2.5bn orders from high quality accounts which allowed us to price the transaction at the tight end of final price guidance.”
Standard Chartered was the sole co-ordinator, joint lead manager and bookrunner for the transaction and led the approval process for remittance of the issuance proceeds into China.