China's State Grid dual-currency bonds raise $2.1b

The Chinese state-owned utility returns to the international bond markets with a four-tranche sale, boosting its M&A warchest.

State Grid Corp of China returned to the international bond markets on Wednesday with a new dual-currency, four-tranche bond offering denominated in US dollars and euros, raising a total of $2 1 billion

The Aa3/AA/A+ rated utility achieved an order book of $6 5 billion for its five-year and 10-year dollar-denominated notes, while attracting €3 billion worth of orders for its euro-denominated bonds with maturities of six and nine years

Investor demand for the new 144a/Reg S transaction easily surpassed an order book of $4 66 billion by state-owned oil group Sinopec in late April, highlighting abundant liquidity in the regional corporate bond market

Pricing of each of the four tranches was tightened aggressively from...

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