Baosteel sells market-opening dim sum deal

Baosteel Group Corp became the first Chinese company to directly issue bonds in the offshore renminbi market last week, when it sold a three-tranche issue worth Rmb3.6bn ($564.86m). Bankers think the deal will lead the way to issues from other state-owned corporations.

  • 28 Nov 2011
The company sold a Rmb1bn two year bond yielding 3.125%, at the tight end of 3.125%-3.375% guidance; a Rmb2.1bn three year paying 3.50%, after 3.50%-3.75% guidance; and a Rmb500m five year yielding 4.375%, again at the tight end of guidance set between 4.375% and 4.625% (see table for ...

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5 UniCredit 16,300.95 75 5.29%

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5 Credit Suisse 3,757.05 40 5.38%

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5 Citi 13,132.03 109 6.62%

Bookrunners of European Corporate IG Bonds

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1 HSBC 28,248.54 116 6.15%
2 BNP Paribas 26,642.60 114 5.80%
3 Barclays 25,943.52 91 5.65%
4 JPMorgan 25,634.91 84 5.58%
5 Deutsche Bank 24,198.66 96 5.27%