China Shanshui Cement priced a debut $400 million bond early yesterday morning against a backdrop of investor apathy towards China’s high-yield sector.
Barclays Capital, Credit Suisse, Deutsche Bank and Standard Chartered Bank were joint bookrunners.
The five-year non-call-three issue priced at a yield of 8.5%, at the tight end of the 8.5% to 8.75% initial guidance. There were rumours in the US that the deal was being whispered at mid-8%, but this was conjecture according to a source familiar with the deal.
China Shanshui Cement is the second Chinese cement company to tap the dollar market, after West China Cement issued its debut bond...