China Guangdong Nuclear sells 1.5 bln dim sum bond at 3.58 pct-sources

HONG KONG Mon Jan 7, 2013 8:58pm EST

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HONG KONG Jan 8 (Reuters) - State-owned China Guangdong Nuclear Power Holding reopened its November 2015 offshore yuan bond, raising 1.5 billion yuan ($240.8 million) at 3.58 percent, two sources close to the deal said on Tuesday.

The firm sold a 1.5 billion yuan, three-year dim sum bond earlier with a coupon of 3.75 percent, which was warmly welcomed by investors, especially asset managers, and was four times oversubscribed.

"The total order book was over 4 billion yuan due to strong demand and the bond was priced at the tight end of the final price guidance," said one of the sources.

The initial guidance for the bond was fixed at 3.65 percent and was later revised to 3.6 percent (+/-2 basis points), according to the sources.

The issue is expected to have a rating of A+/A3 (Fitch/Moody's).

China's National Development and Reform Commission granted a 25 billion yuan quota to mainland corporates to issue yuan bonds offshore. Before Guangdong Nuclear's transaction, only Baosteel Group used up its 6.5 billion yuan quota.

China Guangdong Nuclear Power Holding was established in September 1994 with a registered capital of 10.2 billion yuan with nuclear power as its core business.

Bank of China International (BOCI) and China Development Bank are joint global coordinators of the deal.

BOCI, Agricultural Bank of China International and Industrial and Commercial Bank of China (Asia) are joint bookrunners and lead managers. ($1 = 6.2296 Chinese yuan) (Reporting by Michelle Chen; Editng by Eric Meijer)

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