The market last Friday welcomed a rare non-government-linked corporate bond to be issued by a Chinese company outside the property sector. Chinese coal and coke producer Hidili Industry International Development priced a $400 million bond with a coupon and yield of 8.625%. The senior unsecured five-non-call-three deal was reoffered at par and was issued under the Regulation S/144A format. The bonds mature on November 4, 2014.
The issuer was pleased with the pricing, given the weaker markets last week. Some of the investment-grade trades that priced last week, such as Korea Gas and Axis Bank, cheapened aggressively on Wednesday and Thursday.
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