HONG KONG Nov 16 Volvo AB, the
world's No.2 truck maker, completed its sale of a 1 billion yuan
($160 million) three-year offshore yuan bond at a coupon of 3.8
percent, according to a term sheet seen by Reuters.
The senior unsecured bond is expected to be rated BBB/Baa2
(S&P/Moody's) and will be listed on the Luxembourg Stock
Exchange, the term sheet showed.
The order books of the bond exceeded 2.4 billion yuan with
orders from 73 accounts. Hong Kong and Singapore investors
comprised 52 percent and 24 percent, respectively, while
Europe-based buyers took 10 percent.
Fund and asset managers accounted for the biggest part with
63 percent, followed by private banks at 21 percent and banks at
BNP Paribas and HSBC are the arrangers of the deal.
The offshore yuan bond market has been steady after recent
volatility, attracting some foreign issuers to the fledgling
Indian lender ICICI Bank and French automaker Renault S.A
both re-tapped their dim sum bonds with new issues of 500
million yuan in the past week.
($1 = 6.2334 Chinese yuan)
(Reporting by Michelle Chen)