Citic Envirotech jumps in with post-Brexit bond

Singapore-listed water treatment operator defies downbeat mood with aggressively priced perpetual bond.

Singapore-listed waste water treatment company, Citic Envirotech, raised $180 million after re-opening a recent perpetual bond on Tuesday, the first Asian issuer to access the international bond markets since Britain’s decision to leave the European Union last Thursday.

The deal attracted a subdued order book of just $340 million, although this probably had as much to do with aggressive pricing as the market’s ongoing Brexit hangover.

Bankers said final demand amounted to $340 million with participation from 22 accounts. Unusually, private banking demand was muted and accounted for just 22%, with funds and banks representing the bulk on 78%.

That was in sharp contrast...

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