China Metallurgical prices $500m bond

The Chinese state-owned company raised its second dollar bond this year, boosting its warchest before US Treasury yields begin trending up.

China Metallurgical priced a $500 million three-year bond on Thursday, shoring up funds for refinancing and working capital purposes amid the still-low US Treasury yield environment.

The note was issued under the name of MCC Holding Hong Kong, an indirect subsidiary of the engineering and construction group, with the benefit of an irrevocable standby letter of credit SBLC from Agricultural Bank of China and a keepwell deed from the company, according to a term sheet.

China Metallurgical’s Reg-S offering is the first dollar-denominated bond to be issued in Asia ex-Japan investment grade space this week, capturing the full attention of investors.

The issuer was...

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