China Huarong Asset Management braved volatile markets on Thursday by launching a $3.2 billion triple-tranche bond and becoming the first Asian corporate to raise foreign debt in 2015.
The bad debt manager, the second-largest in China, sold $600 million of three-year, $1.2 billion of five-year, and $1.4 billion of 10-year Reg S-denominated bonds via special purpose vehicle Huarong Finance II.
Despite weak Asian bond markets, China Huarong managed to price each tranche some 10 basis points tighter than initial price guidance at US Treasuries plus 270bp, 310bp and 360bp respectively, according to a term sheet seen by FinanceAsia....
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