Portugal priced 2 billion Chinese yuan in so-called panda bonds, the first such issuance by a eurozone nation.
The notes will mature June 3, 2022, and carry a coupon of 4.09%, Portugal's debt management agency IGCP said May 30. The reoffer price was set at par and the reoffer yield was 4.09%.
The order books were 3.165x oversubscribed, IGCP said.
Bank of China and HSBC served as joint lead underwriters on the issuance. CaixaBI acted as financial adviser.
Panda bonds are yuan-denominated securities issued by a non-Chinese borrower and sold in China.
As of May 30, US$1 was equivalent to 6.90 Chinese yuan.