Yanzhou Coal returns with $500m perpetual bond

Yanzhou Coal's new perpetual bond traded up in the secondary market, despite tighter than initially expected pricing.

Yanzhou Coal returns with $500m perpetual bond

Yanzhou Coal, one of China’s largest coal companies, returned to the international bond market on Thursday, raising $500 million in a perpetual non-call three-year bond.

The Reg S sale came after a slew of new issuance from once-troubled commodity companies in the region, including Noble Group of Singapore and Indika Energy of Indonesia, underscoring the renewed optimism in the sector as natural resource prices have recovered.

The state-owned company, rated B2BB...

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