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HONG KONG: China finalised a three-tranche bond deal worth 4 billion euros ($4.63 billion) on Thursday, a term sheet seen by Reuters showed.

The finance ministry raised 1.5 billion euros in the three-year tranche, 1.5 billion euros in the seven-year and 1 billion euros in the 12-year tranche, it showed.

Wang Sheng, head of investment banking at CICC, who worked on the deal, said the issuance would 'set a pricing benchmark for overseas Chinese companies' euro financing' as well as helping diversify investors' options to invest in China's economy.

The deal attracted nearly 16 billion euro worth of orders across the tranches which was four times the total deal size, according to two sources with direct knowledge of the matter.

A majority of the buyers were based in Europe, the sources said, while central banks were active purchasers of the short dated bonds.

The sources could not be named as the information was not yet made public.

China's finance ministry did not immediately respond to a requst for comment from Reuters.

The three-year tranche attracted orders of 5.9 billion euro, the seven-year had 6 billion euro and the 12-year deal had 3.8 billion euro in orders, one of the sources added.

Each of the tranches priced significantly cheaper than the guidance given to investors when the deal launched on Wednesday.

The three-year tranche was priced flat with the mid-swap rate after the initial pricing guidance was plus 20 basis points, while the seven-year tranche was priced 20 basis points cheaper than first flagged.

The 12-year tranche pricing was set at the mid-swap rate plus 52 basis points, compared with the guidance of plus 65 basis points.

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