China launched on Wednesday a three-tranche euro-denominated bond issue in its second major foreign currency transaction in a month, according to a term sheet reviewed by Reuters. The country’s Ministry of Finance said on Oct. 29 the deal would raise up to 4 billion euros ($4.6 billion) and the debt would be issued in three, seven and 12 year tranches. Initial pricing guidance for investors has been set at the mid swap rate plus 20 basis points area for the 3-year deal, 40 basis points area for the 7-year, and 65 basis points area for the 12-year tranche, the term sheet showed. Beijing has said issuing sovereign bonds offshore can help build a price benchmark for Chinese corporate bond issuance overseas, and help China integrate more closely into the global financial system. The euro bond sale follows China’s announcement on Oct. 20 that it had successfully completed the issuance of $4 billion worth of U.S. dollar denominated bonds. ($1 = 0.8655 euros) (Reporting by Scott Murdoch in Hong Kong and Samuel Shen in Shanghai; editing by Richard Pullin)