Unrated Lenovo’s five year dollar debut breaks records

Tech 230px
By Isabella Zhong
30 Apr 2014

Lenovo made its dollar debut on Tuesday night with the largest ever single tranche senior Reg S transaction in Asia. Investors flocked to the deal with an $8bn order book, and bankers said the issuer was able to avoid the concession that it had been expected to pay for being unrated.

Pricing looked like it was going to be far from straightforward, after global co-ordinator Citi released a broad set of comparables (see table) for the five year bond on Monday morning while the issuer was still meeting investors. ANZ, Bank of China, Barclays, Bank of America Merrill Lynch, ...

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