Two Asian companies priced debut US dollar bonds early yesterday morning. Indian public sector enterprise Rural Electrification Corp REC raised $500 million through a five-year bond, while West China Cement raised $400 million via a five-year non-call-three.
Both deals offered investors diversification from the existing supply in the market. REC is the first Indian non-bank financial institution to tap the US dollar market, while West China Cement is the first Chinese cement company to sell US dollar bonds.
REC was also the first Indian borrower to tap the dollar market this year. Credit Agricole-CIB, Royal Bank of Scotland and Standard Chartered Bank were joint bookrunners.
The bonds priced at a yield spread...
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