Shanghai Electric sold a capped $500 million five-year bond on Thursday, its first ever in the global debt markets, using the proceeds for offshore acquisitions and general corporate purposes.
The Reg S-registered offering priced 25bp tighter than its initial price offering of Treasuries plus 165bp area, indicating buoyant demand for high-quality names from China, according to sources close to the deal. Shanghai Electric is rated A2AA by Moody’s, Standard Poor’s and Fitch respectively.
The bond, which has a yield of 3.045% and coupon of 3%, launched upon the completion of its global roadshow in Hong Kong, Singapore and London, which began on Monday and...
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