Cosco’s tight 10 year ends decade absence from dollars

31 Jan 2013

Cosco Pacific has returned to the dollar bond market for the first time in a decade, closing a $300m 10 year deal. It sacrificed size for tight pricing and the lack of a rating turned some investors off — but the rarity of the credit, as well as its state ownership, ensured a solid result.

It sold a $300m 4.375% January 2023 bond at 265bp over Treasuries on January 24, offering investors a rare chance of exposure to the company: Cosco Pacific’s only other dollar bond is a $300m issue sold in 2003, a deal which matures in October.

Chinese state-owned enterprises rarely turn ...

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