Chinalco issues upsized $800m unrated bond

The state-owned miner captures more than $8 billion of orders, highlighting investors' continuing hunt for yield.

Aluminum Corporation of China Chinalco priced its unrated five-year bond on Thursday, upsizing the deal on the back of a massive order book amid an increasingly frenetic hunt for yield.

The Reg S sale comes after the minutes of the US Federal Reserve’s latest meeting showed policymakers were in no rush to raise interest rates.

As a result of the dovish signal from the Fed, strong demand from investors allowed underwriters leading the sale to upsize the deal to $800 million, up from initial guidance of $500 million, according to two people familiar with the deal.

The Beijing-based state-owned company garnered more than $8...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222