Cosco Pacific prices inaugural bond

The company addresses a mismatch in its capital structure with a debut international bond deal.

Cosco Pacific, the container leasing arm of Chinese shipping giant Cosco priced a debut bond on Friday via lead managers ABN AMRO, Citigroup and Goldman Sachs. Unusually, the deal was not rated and as such most observers believe the company had to paid a premium over the levels it could have otherwise achieved.

With a 10-year tenor, the $300 million transaction was priced at 99.367% on a coupon of 5.875% and yield of 5.96% to give a...

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