China Minmetals Corp, the country's largest metals trader, returned to the international bond markets on Wednesday with an aggressively priced dual-tranche bond in the wake of a calmer post-Brexit mood.
The sale comes after Moody's in May downgraded the state-owned company's credit rating from A3 to Baa1 amid deepening concerns over the effect of slumping commodity prices on its earnings.
Due to its full ownership by State-owned Assets Supervision and Administration Commission, the privately held company, rated Baa1BBB, garnered a peak order book in excess of $8 billion, with demand skewed towards the 10-year notes over the 5-year bonds, according to two sources...
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