CSC taps market after Tencent announcement tightens pricing
China South City, a developer of integrated logistics and trade centres, opened books on a five year non-call three bond on Monday morning, with initial price thoughts much more advantageous than what it was facing a week ago. A recent announcement that Internet service provider Tencent will buy almost 10% of CSC has improved the company’s prospects and pushed down its funding costs, said bankers on the deal.
Bookrunners Bank of America Merrill Lynch, Citi, Credit Suisse, HSBC, ICBC International and UBS opened books with guidance in the high 8% area on January 20. They revised this to final guidance of 8.5% with orders over $1.6bn, and told investors to expect a deal of around $300m.
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