By Fiona Law
HONG KONG--Caterpillar Inc. (CAT) is offering benchmark offshore
yuan-denominated bonds, according to a term sheet seen by Dow Jones
Newswires Monday.
Issued by the company's unit Caterpillar Financial Services
Corp., the Reg S yuan bond will have a maturity of two years, the
term sheet said, adding that the issuer seeks to sell the bond at a
yield of around 3.25%.
The size is yet to be determined, but a benchmark size typically
refers to CNY500 million worth of bonds or more.
The bond, which is set to be sold today, is arranged by
Australia & New Zealand Banking Group Ltd., Bank of America
Merrill Lynch, HSBC and Mitsubishi UFJ Securities, the term sheet
said.
Write to Fiona Law at fiona.law@wsj.com