China's Shanghai Huayi debuts $350m bond

Chinese chemicals company sells its first global debt offering, raising funds for refinancing and working capital purposes despite volatility in the commodity chemical market.

China's Shanghai Huayi debuts $350m bond

Government-owned Shanghai Huayi sold an inaugural $350 million five-year debt offering on Monday night, braving fragile commodity chemical market conditions to raise funds for refinancing and working capital purposes.

Irrevocably and unconditionally guaranteed by Huayi Group, the bond priced at US Treasuries plus 245 basis points, which is 20bp tighter than bankers' initial price guidance, sources familiar with the matter said.

Shanghai Huayi, a major producer of bulk chemicals...

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