Shandong Yuhuang Chemical, a privately-owned Chinese petrochemical and refinery company, made its first foray into the international bond markets this week, selling a $300 million bond that will help it finance the construction of a methanol plant in the US.
The company got eye-catching demand for the bond, drumming up more than more than $2.2 billion of orders from 180 accounts, according to a syndicate banker on the deal. That is an unusually large amount for a single-B debut issuer and gives a clear demonstration of the buoyant state of Asia’s debt market.
The success of the deal came despite a reasonably sceptical treatment from rating...
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