DBS guarantee helps CR Cement close $400m bond

04 Oct 2012

China Resources Cement Holdings made its debut in the dollar bond market last week, using a guarantee from sole bookrunner DBS Bank to improve its standing with international investors. The strategy paid off, helping to generate five times the amount of demand needed.

CR Cement priced the $400m five year bond on September 27 at 155bp over Treasuries, the lower end of price guidance but 60bp wider than the secondary price of DBS’s $1bn 2.35% February 2017 bond, said bankers familiar with the deal.

Sole bookrunner DBS initially pitched the deal ...

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