Caterpillar doubles coupon amid appreciation doubts

Offshore renminbi investors are increasingly focused on coupon payments over currency appreciation, amid increasing doubts over the direction of the renminbi against the dollar, according to debt bankers. That proved to be the case for US building equipment company Caterpillar this week: it had to pay more than double the coupon it offered the last time it came to market, in the middle of 2011.

  • 15 Mar 2012

Caterpillar priced its Rmb1.26bn ($199m) two year notes at par to yield 2.9%, the low end of final price indication — and more than twice the 1.35% it paid for a Rmb2.35bn two year deal in July last year.

“It’s a sign of how the market has changed,” said ...

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