Huaneng tests hostile markets with $400m bond, anchor investors

China Huaneng Group sold the first dollar denominated deal in Asia ex Japan in two weeks on June 4, but weak demand for the name raised questions among bankers about whether it was too early to issue dollar deals while the trajectory of underlying rates was still uncertain.

  • 05 Jun 2013
The Chinese state-owned power generator issued $400m for a five year deal, in which more than $300m came from Asian anchor investors, according to a banker on the transaction. However the deal only attracted an order book of $550m. Even allowing for the current market environment, some dealers ...

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