Baosteel prepares first mainland corporate dim sum bond

The state-owned steelmaker completes investor meetings amid challenging markets.
<div style="text-align: left;">
The steel industry could be facing a cyclical downturn (AFP)
</div>
<div style="text-align: left;"> The steel industry could be facing a cyclical downturn (AFP) </div>

Baosteel, a Chinese state-owned steel firm, is poised to become the first mainland company to issue an offshore renminbi bond. Management met with investors in Singapore on Tuesday and Hong Kong on Wednesday, with a view to raising up to Rmb6.5 billion $1 billion.

Deutsche and HSBC are joint global coordinators and bookrunners. China Merchants Securities, DBS, ICBC and Standard Chartered are also joint bookrunners.

The company is said to be eyeing a multi-tranche issue that is expected to include a three-year bond. Although it has received approval to raise up to Rmb6.5 billion, it may not raise that full amount and the size will...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222