China Longyuan Power, the mainland’s biggest producer of wind-power, returned to debt markets last night with a $300 million three-year bond that crossed the line despite the summer lull.
The deal slightly missed expectations at a shade under the $350 million suggested to investors by the lead arrangers, while demand was muted. The book was twice covered.
Banks were allocated 43%, fund managers 45%, central banks and sovereign wealth funds 6%, pension and insurance 2% and private banks 4%. There was speculation among bankers that Chinese banks had put in chunky orders.