Published on 10/20/2014 in the Prospect News Emerging Markets Daily.
New Issue: China’s Hebei Iron and Steel $500 million 2¾% notes due 2017 at 205 bps spread
By Christine Van Dusen
Atlanta, Oct. 20 – China’s Hebei Iron and Steel Co. Ltd. priced $500 million 2¾% three-year notes (expected rating: A1) at 99.774 to yield 2.829%, or Treasuries plus 205 basis points, on Monday, a market source said.
HSBC, ABC International, Agricultural Bank of China, ANZ, Morgan Stanley and Standard Chartered Bank were the bookrunners for the Regulation S deal.
The proceeds will be used for working capital and general corporate purposes.
The issuer is based in Hebei Province.
| Issuer: | Hebei Iron and Steel Co. Ltd.
|
| Amount: | $500 million
|
| Maturity: | Oct. 27, 2017
|
| Description: | Senior
|
| Bookrunners: | HSBC, ABC International, Agricultural Bank of China, ANZ, Morgan Stanley, Standard Chartered Bank
|
| Coupon: | 2¾%
|
| Price: | 99.774
|
| Yield: | 2.829%
|
| Spread: | Treasuries plus 205 bps
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 27
|
| Expected rating: | Moody’s: A1
|
| Distribution: | Regulation S
|
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