MCC overcomes market volatility for perp return

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By Rashmi Kumar
13 Apr 2021

Metallurgical Corporation of China navigated tricky bond market conditions to raise $500m on Monday at a negative new issue premium, thanks to its standing among investors and the scarcity of state-owned perpetual deals.

MCC kicked off its senior perpetual non-call three year bond on Monday morning at initial guidance of the 3.3% area. In comparison, metals and mineral company China Minmetals’ 3.375% perp was trading at a bid yield to non-call of 2.857% and at a bid price of 101.66. MCC’s ...

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