MIE/SCB bonds

MI Energy and SCB beat volatile bond markets

Despite a bout of market volatility, MI Energy and Siam Commercial Bank both close $400 million bond offers.
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MI Energy's producing wellheads at Daan
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<div style="text-align: left;"> MI Energy's producing wellheads at Daan </div>

China’s MI Energy and Thailand’s Siam Commercial Bank priced bonds last Friday amid difficult market conditions. Elsewhere, Chaoda Modern Agriculture pulled its benchmark-sized deal and Beijing Enterprise’s new issue widened 12bp as oil prices dropped and commodity markets got the jitters.

But debut high-yield borrower MI Energy pushed its deal through to raise $400 million, part of which will be used to fund its $170 million acquisition of Emir Oil, a company that owns oil-and-gas assets in Kazakhstan. That deal is due to close in June.

The five-year non-call-three bonds are rated B by Standard Poor’s and B by Fitch, and were issued at a yield of...

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