Geely Automobile raised a maiden $300 million five-year bond on Wednesday, the first debt issuance from a Chinese domestic automotive manufacturer.
Investors welcomed the issuance as it added to the diversification of the high-yield sector, which is dominated by Mainland property companies. Geely’s bond callable in year three obtained an order book of over $2.2 billion from more than 220 accounts, according to a source familiar with the matter.
The 144AReg S-registered offering also priced at 5.25%, which is much tighter than its initial price guidance around the high-5% area.
“This is the first US dollar bond issuance from a domestic China automotive...