Caterpillar pays premium on dim sum bond return
US building equipment manufacturer Caterpillar returned to the dim sum bond market this week, raising Rmb2.3bn ($355.5m) from the only repeat deal from an international borrower in the nascent market. It will not have that distinction for long: McDonald’s Corp is planning to sell a second deal soon.
Caterpillar sold a two year deal yielding 1.35% on Wednesday morning, at the tight end of guidance set between 1.35% and 1.45%. The leads had initially whispered pricing of the low-to-mid 1% area.
The deal offered investors a premium over the companys last dim sum issue, a Rmb1bn December
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