China Hongqiao builds rare dollar outing
Aluminium producer China Hongqiao Group has raised $500m from a bond that appealed to investors for its ‘surprisingly generous’ premium on offer.
The Ba3/BB-/BB borrower is a relatively rare issuer in the dollar market. The company last sold a bond internationally in September 2019, when it priced a $200m 7.375% 2023 note.
Its rarity, combined with favourable market conditions, attracted investors, said a banker on the trade. China Hongqiao was