China Merchants Holdings priced its inaugural international bond on Monday, raising $500 million. The Reg-S deal was originally sized at $350 million but was upsized in the face of an order book in excess of $2.5 billion.
Such was the demand that pricing of the issue was tight. Initial guidance was at T115bp-125bp. That pricing was revised down to T113bp-115bp and the deal priced at the bottom of that range. The bonds carry a coupon of 5.38% and were priced at 99.885%
A slight concern for lead managers HSBC, Merrill Lynch and BOCI was that the issuing entity CMHI Finance Caymans Inc had a...
