China Great Wall Asset Management Corporation returned to the international bond markets for the second year in succession on Thursday with a $1 billion three-year Reg S deal.
Unlike fellow distressed asset management companies Cinda and Huarong, Great Wall chose to use a standby letter of credit SBLC to enhance the creditworthiness of its deal. This was the same format as its 2014 offering, although this time Agricultural Bank of China provided the SBLC rather than Bank of China.
Great Wall's deal took advantage of a slightly firmer tone to Asian credit markets, which started to rally on the back of rising equity markets.
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