HNA-backed Grand China Air sells unrated bond

Strong demand for the unrated bond prompted the issuer to increase the size of the deal by 50% to $450 million.

Grand China Air, controlled by China's acquisitive HNA Group, returned to international bond markets on Tuesday, raising a bigger-than-initially-targeted $450 million by selling two-year notes.

The Reg S deal follows a flurry of activity by Chinese issuers over the past week as borrowers take advantage of constructive market conditions before investors turn their attention back to the possibility of a US interest rate hike in mid-March.

Headquartered in Beijing, Grand China Air was founded in 2007 and is set to merge its operations with HNA’s four smaller airlines, including Shanxi Airlines and Chang An Airlines. In a marketing document, Grand China Air said it operated 14...

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