Senior perp reappears in Asia with MCC

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By Addison Gong
26 Apr 2018

Metallurgical Corporation of China (MCC) was one of a number of Chinese state-owned enterprises to sell bonds in the international market this week, bagging $500m from the first senior perpetual deal in the region in more than a month.

Asia hasn’t seen a senior perpetual deal since government-owned Tewoo Group and China Minmetals Corp priced their respective perp non-call three year bonds in early March. Since then, the US Federal Reserve has hiked interest rates by 25bp, and the market backdrop has been more volatile.

“Perps ...

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