ASIA-PACIFIC

摘要

Shandong Gold international mining investment has drawn a final order book of more than US$3.1bn for its offering of US$300m of three-year bonds on the strong appetite of Chinese banks for offshore dollar assets. The bonds priced at 162.5bp over Treasuries to yield 2.711%. The coupon is 2.5%. "Investors like names such as Shandong Gold against the backdrop of an economic slowdown. Shandong Gold not only has a defensive story to tell, but also has a strong credit enhancement," said a Hong Kong banker on the deal. Geographically, investors out of Asia made up 89% of the book and those out of the EMEA region accounted for the remainder. In terms of investor types, 58% were banks, 31% were funds and asset managers, 8% were insurance and sovereign wealth funds and 3% were private banks.