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...
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