New Issue: China’s State Grid prices €1 billion notes due in seven, 12 years

By Christine Van Dusen

Atlanta, Jan. 20 – China’s State Grid Europe Development plc sold €1 billion of seven- and 12-year notes (expected ratings: A1/A+/A+) on Tuesday, a market source said.

The deal included €700 million 1˝% notes due 2022 that priced at 99.73.

Also, €300 million 2.45% notes due 2027 priced at 99.211.

Deutsche Bank, HSBC and Morgan Stanley were the joint global coordinators. Deutsche Bank, HSBC, Morgan Stanley, ANZ, Bank of China, Barclays and RBS were the joint bookrunners and joint lead managers for the deal.

The notes were issued by wholly owned subsidiary State Grid Europe Development (2014) plc.

The power distributor is based in Beijing.

Issuer:	State Grid Europe Development (2014) plc
Amount:	€1 billion
Description:	Senior notes
Bookrunners:	Deutsche Bank, HSBC and Morgan Stanley are the joint global coordinators. Deutsche Bank, HSBC, Morgan Stanley, ANZ, Bank of China, Barclays, RBS
Trade date:	Jan. 20
Settlement date:	Jan. 26
Expected ratings:	Moody’s: A1
	Standard & Poor’s: A+
	Fitch: A+
Notes due 2022
Amount:	€700 million
Maturity:	Jan. 26, 2022
Coupon:	1˝%
Price:	99.73
Notes due 2027
Amount:	€300 million
Maturity:	Jan. 26, 2027
Coupon:	2.45%
Price:	99.211

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