Shandong Shipping prices SBLC-backed deal

Shandong Shipping takes advantage of secondary market momentum with a debut bond, credit-enhanced by Agricultural Bank of China.

Shandong Shipping Corporation made its debut in the international bond markets on Wednesday with a credit-enhanced deal guaranteed by Agricultural Bank of China. A capped $200 million five-year fixed-rate bullet deal was issued in the name of subsidiary SDSC International Finance.

Pricing came at 99.539% on a coupon of 3.625% to yield 3.727% or 207.5bp over Treasuries. This was 27.5bp tighter than initial guidance around the 235bp level and led to a slight drop off in the order book, which had topped $1.7 billion by lunchtime in Asia.

The final order book closed at the $1.5 billion level, with participation from...

¬ 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