Baosteel prepares first mainland corporate dim sum bond

The state-owned steelmaker completes investor meetings amid challenging markets.

Baosteel prepares first mainland corporate dim sum bond
The steel industry could be facing a cyclical downturn (AFP)

Baosteel, a Chinese state-owned steel firm, is poised to become the first mainland company to issue an offshore renminbi bond. Management met with investors in Singapore on Tuesday and Hong Kong on Wednesday, with a view to raising up to Rmb6.5 billion $1 billion.

Deutsche and HSBC are joint global coordinators and bookrunners. China Merchants Securities, DBS, ICBC and Standard Chartered are also joint bookrunners.

The company is said to...

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