REC and West China offer diversification with debut bonds

Rural Electrification Corp and West China Cement raise a combined $900 million from debut dollar bonds early yesterday morning.

Two Asian companies priced debut US dollar bonds early yesterday morning. Indian public sector enterprise Rural Electrification Corp REC raised $500 million through a five-year bond, while West China Cement raised $400 million via a five-year non-call-three.

Both deals offered investors diversification from the existing supply in the market. REC is the first Indian non-bank financial institution to tap the US dollar market, while West China Cement is the first Chinese cement company to sell US dollar bonds.

REC was also the first Indian borrower to tap the dollar market this year. Credit Agricole-CIB, Royal Bank of Scotland and Standard Chartered Bank were joint bookrunners.

The bonds priced at a yield spread...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222