Baosteel Resources sold a $500 million five-year bond on Wednesday, helping to break the week-long silence that descended on Asia’s debt capital markets.
The Reg S-only debt offering priced at US Treasuries plus 270 basis points, which is around 20bp tighter than the initial price guidance area of Treasuries plus 290bp, according to a term sheet seen by FinanceAsia.
But the borrower still ended up paying a slight premium to its peers as heightened global market worries continued to gnaw away at investor confidence.
“Investors are still cash-rich but it’s still very restricted as to who can come...
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