Baosteel, a Chinese state-owned steel firm, is poised to become the first mainland company to issue an offshore renminbi bond. Management met with investors in Singapore on Tuesday and Hong Kong on Wednesday, with a view to raising up to Rmb6.5 billion $1 billion.
Deutsche and HSBC are joint global coordinators and bookrunners. China Merchants Securities, DBS, ICBC and Standard Chartered are also joint bookrunners.
The company is said to be eyeing a multi-tranche issue that is expected to include a three-year bond. Although it has received approval to raise up to Rmb6.5 billion, it may not raise that full amount and the size will...
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