China Merchants issues $500 million bond
The dual-tranche deal by the Chinese port operator shows that the Asian credit markets are still open to the right issuer at a generous price.
China Merchants Holdings International priced a $500 million dual-tranche bond issue on June 6, taking advantage of a rare opportunity to launch a deal in volatile and weak credit markets.
It is the largest Asian non-financial corporate bond to be launched in the past 12 months, and only the second triple-B rated bond to be issued from Asia during the same period.
The $300 million five-year tranche has a coupon of 6.125% and was priced at $99.521 to yield 6.238%,...
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