China Mengniu Dairy, China’s biggest maker of liquid milk, closed its $500 million debut bond on Thursday night, offering investors exposure to a private sector Chinese company.
The group, which listed in Hong Kong in 2004, has three strategic investors state-owned China National Cereals, Oils and Foodstuffs Corporation Cofco Danone and Arla, but it is considered a private sector company.
Chinese bond issuance has risen sharply this year but much of it has been dominated by state-run companies, so China Mengniu offered some diversification.
The deal attracted an order book of $3.25 billion from 230 investors. The initial guidance for the five-year bond was...