Yanzhou Coal returns with $500m perpetual bond

Yanzhou Coal's new perpetual bond traded up in the secondary market, despite tighter than initially expected pricing.

Yanzhou Coal, one of China’s largest coal companies, returned to the international bond market on Thursday, raising $500 million in a perpetual non-call three-year bond.

The Reg S sale came after a slew of new issuance from once-troubled commodity companies in the region, including Noble Group of Singapore and Indika Energy of Indonesia, underscoring the renewed optimism in the sector as natural resource prices have recovered.

The state-owned company, rated B2BB-B by Moody’sSPFitch, captured more than $4.5 billion of orders at one point, according to a syndicate banker running the deal.

The banker added that the new...

¬ 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