Asian demand drives $1 billion Beijing Enterprises bond

The dual-tranche bond hits its target, but pays a price for the strong supply in the market.

State-owned Beijing Enterprises raised $1 billion from bond investors early Friday morning, with strong support from Asian buyers.

The company raised the money in two tranches $600 million at a 10-year maturity and $400 million at 30 years. The bonds were issued by Mega Advance Investments, a BVI subsidiary, and were marketed to professional investors in the US, but Asian demand dominated both tranches, and particularly the 30-year portion where two-thirds of buyers came...

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