china-merchants-issues-500-million-bond

China Merchants issues $500 million bond

The dual-tranche deal by the Chinese port operator shows that the Asian credit markets are still open to the right issuer at a generous price.
June 09, 2008
China Merchants Holdings International priced a $500 million dual-tranche bond issue on June 6, taking advantage of a rare opportunity to launch a deal in volatile and weak credit markets.

It is the largest Asian non-financial corporate bond to be launched in the past 12 months, and only the second triple-B rated bond to be issued from Asia during the same period.

The $300 million five-year tranche has a coupon of 6.125% and was priced at $99.521 to yield 6.238%, 200bp over mid-swaps and 288.9bp over five-year US Treasuries. The $200 million 10-year tranche has a coupon of 7.125% and was priced at $99.073 to yield 7.257%, 250bp over mid-swaps and 321.9bp over 10-year US...
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