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China National Bluestar navigated a crowded primary market on Monday, netting $1.1bn from a dual-trancher on the back of an impressive $4bn order book.
China National is a special subsidiary of China's largest chemical company, China National Chemical Corp (ChemChina), which reported revenues of $45bn in 2015. ChemChina is wholly owned by the State-owned Assets Supervision and Administration Commission of the State Council, and Bluestar is key to its material science and life-science businesses and operates as ChemChina's major overseas platform.
The issuer launched books at the Hong Kong open on Monday -- a day that turned out to be quite challenging for bond issuers. Apart from Bluestar, ICBC Finance Leasing, Shui On Development and Singapore Telecommunications also came out with their respective dollar-denominated deals.
A syndicate banker who executed--/BBB/BBB+ rated Bluestar's trade said that the market on Monday was challenging for a number of reasons, including a lot of supply. He added that equity markets across the board had weakened on Monday, while the market was also keenly watching out for any change in sentiment ahead of Tuesday's debate between US presidential election candidates Hillary Clinton and Donald Trump.
As a result of uncertaintly, IG...