Coal prices in China have dropped since the beginning of the year but Yanzhou Coal still managed to price its first ever $300 million hybrid note on Thursday, receiving an orderbook that is nine times oversubscribed.
The perpetual bond, which is callable in year two, marks Yanzhou’s first foray into the dollar market since 2012 when it raised a $1 billion dual-tranche note. The transaction also caught a good window when 10-year US Treasury yields dipped to the lowest levels in six months, syndicate bankers said.
“Broader market conditions are looking more conducive right now and I do expect more deals to come to the market,” said...
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