Geely launches first Chinese auto bond

The Chinese automotive manufacturer’s debut $300 million offering seven times oversubscribed as investors embrace high-yield diversification from a promising sector.

Geely launches first Chinese auto bond
Geely is China’s tenth largest passenger vehicle manufacturer

Geely Automobile raised a maiden $300 million five-year bond on Wednesday, the first debt issuance from a Chinese domestic automotive manufacturer.

Investors welcomed the issuance as it added to the diversification of the high-yield sector, which is dominated by Mainland property companies. Geely’s bond callable in year three obtained an order book of over $2.2 billion from more than 220 accounts, according to a source familiar with the matter.

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