China Merchants berths with investors

Chinese port operator''s inaugural bond meets solid global demand.

China Merchants Holdings priced its inaugural international bond on Monday, raising $500 million. The Reg-S deal was originally sized at $350 million but was upsized in the face of an order book in excess of $2.5 billion.

Such was the demand that pricing of the issue was tight. Initial guidance was at T115bp-125bp. That pricing was revised down to T113bp-115bp and the deal priced at the bottom of that range. The bonds carry a...

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