Shanghai Electric stuns with €600m bond

Chinese power generation firm debuts its first euro-denominated offering, upsizing it from an initial €500 million as yield-hungry European investors clamour for the notes.

Shanghai Electric made a stunning eurozone debt market debut late on Tuesday, successfully selling a 600 million $669 million five-year bond as it met with strong demand from yield-starved investors.

Rated A2AA, the Shanghai-based power generation firm priced the Reg S-only note at mid-swaps plus 80 basis points, 15bp tighter than the initial price guidance area, according to a term sheet seen by FinanceAsia.

Shanghai Electric, which raised the bond via its subsidiary Shanghai Electric Newage, expanded the offering from an original target size of 500 million, spurred by overwhelming interest from European investors, a source close to the deal said.

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