REC and West China offer diversification with debut bonds

Rural Electrification Corp and West China Cement raise a combined $900 million from debut dollar bonds early yesterday morning.

Two Asian companies priced debut US dollar bonds early yesterday morning. Indian public sector enterprise Rural Electrification Corp REC raised $500 million through a five-year bond, while West China Cement raised $400 million via a five-year non-call-three.

Both deals offered investors diversification from the existing supply in the market. REC is the first Indian non-bank financial institution to tap the US dollar market, while West China Cement is the first Chinese cement company to sell US dollar bonds.

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