China Shipping slips in SBLC under regulatory cloud
China Shipping Overseas Finance was able to issue its first senior unsecured dollar bond on Tuesday - despite investor concerns about the future of the shipping industry - by using a standby letter of credit from the Bank of China Macau even debate rages on the future of the guarantee.
China Shipping managed to raise $500m with its credit enhanced five year bond. Initial guidance was set at 280bp over Treasuries area before bookrunners tightened the final guidance to 270bp over Treasuries to yield 4.250%, which is where the bond eventually priced. China Shipping offered a 10bp new
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