Far East Horizon sells Rmb1.25bn offshore bond

29 May 2011

Far East Horizon, the financial leasing unit of Sinochem Group, proved there is strong demand available even for some unrated credits in the dim sum bond market, when it sold a Rmb1.25bn ($192.5m) three year bond last week.

The unrated issue — which followed a roadshow earlier this month — priced at par with a 3.90% coupon, at the tight end of guidance of 3.9%-4%. The lead managers had approached investors with whispers of the 4% area on Wednesday, before coming out with official guidance in ...

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