Bonds
China Hongqiao Sells Its First Long-Term Dollar Bond Since 2021
- Aluminum maker priced $330 million of 3-year notes at 7.05%
- Proceeds to be used for refinancing offshore debt, GCP
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China Hongqiao Group Ltd., the country’s largest private aluminum producer, sold its first three-year dollar bond since 2021 amid rising demand for Chinese notes issued in the US currency.
The firm priced $330 million of debt guaranteed by several subsidiaries at 7.05%, according to a person familiar with the matter who asked not to be identified. That’s 45 basis points tighter than initial price talk. The order book topped $3.6 billion before 5 p.m. in Shanghai. Proceeds are intended to refinance offshore debt and for general corporate purposes.