China begins sale of first sovereign dollar bond since 2004

Hong Kong

CHINA began marketing its first sovereign dollar bonds since 2004 following a week when Chinese leaders in Beijing outlined a greater role for the nation on the world stage.

The Ministry of Finance is offering US$1 billion of five-year notes at a spread of 30 to 40 basis points over Treasuries, and the same amount of 10-year debt at a premium of 40 to 50 basis points, according to people familiar with the offering, who aren't authorised to speak publicly. The sale comes on the heels of the twice-a-decade Communist Party congress where President Xi Jinping cemented his status as China's strongest leader in decades.