China National Bluestar re-mixes bond formula

Specialty chemical company is forced to cancel and re-issue debut international bond because of inaccuracies in its original offering circular.

Chinese specialty chemical producer, China National Bluestar, made an embarrassing return to the international bond markets for the second time in the space of week on Thursday with a debut $1 billion two-tranche issue.

The group's re-appearance followed the cancellation of an earlier $1 billion transaction, which had priced on Thursday 28 May and was supposed to settle on June 3.

Investors first became aware there was a problem the day before settlement, when the leads announced it was being delayed because of the need for additional disclosures to the preliminary offering circular. 

The following day the bond was withdrawn altogether and all...

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