China Longyuan beats summer lull with $300 million bond

Deal falls slightly short of an expected $350 million, with bonds mostly bought by fund managers and banks.
China Longyuan Power is the mainland’s biggest producer of wind-power
China Longyuan Power is the mainland’s biggest producer of wind-power

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.

Three mainland banks -- Agricultural Bank of China, Citic...

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