HK renminbi investors ignore turmoil for first Japanese deal

17 Mar 2011

Auto-lender Orix Corp priced a Rmb400m ($60.8m) three year bond on Tuesday, the first Hong Kong renminbi issue from a Japanese company. The deal generated more than Rmb2.3bn of orders and investors had few questions about how the company might be affected by the earthquake.

ANZ, BNP Paribas, Boom Securities, Mizuho Securities and Standard Chartered priced the deal to yield 2%, at the tight of final guidance set between 2%-2.10%. They had approached investors at the end of last week with price whispers of the low-to-mid 2%, releasing official guidance on Monday.

Investors were ...

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