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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All Corporate Bonds

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5 Goldman Sachs 59,388.99 229 4.13%

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5 HSBC 11,205.29 61 5.42%

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5 Credit Suisse 3,119.95 31 5.86%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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2 Citi 11,539.69 98 7.19%
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4 Bank of America Merrill Lynch 10,994.65 101 6.85%
5 Barclays 10,908.60 83 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 20,417.95 85 6.41%
2 BNP Paribas 19,882.59 80 6.25%
3 Barclays 18,647.73 58 5.86%
4 Deutsche Bank 17,562.97 71 5.52%
5 Citi 17,352.89 69 5.45%