Huawei pays to be generous in $1bn debut

money changing hands
By Lorraine Cushnie
13 May 2015

Huawei Investment & Holding Co left nothing to chance with its debut bond, reeling in a large volume of indications of interest and pricing the trade above the level recommended by its syndicate. In the end it had nothing to fear apart from Tuesday’s wobble in US Treasuries as the bond tightened around 10bp in secondary markets.

Maiden bonds always present their own set of challenges, and while the Chinese telecommunications equipment company is a high profile name the borrower is both unlisted and unrated.

Ahead of the roadshow dealers were not sure what the investor reception would be, but the credit proved irresistible. ...

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