CMP offers premium to sell perpetual duo

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By Morgan Davis
30 Sep 2020

China Merchants Port Holdings Co (CMP) paid a generous premium to close a $600m dual-tranche bond on Tuesday, responding to weakness in the secondary prices of similar deals.

The subordinated bond, which will be given equity treatment, was split between two perpetual notes. But perps have underperformed in recent weeks, said bankers. China National Chemical Corp, Power Construction Corporation of China and China Huarong Asset Management have all issued perpetuals in the last two weeks, raising ...

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