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Chinese state-owned steel maker Baosteel Group Corporation launched its 6.5 billion renminbi dim sum bond offering on November 22. This is the first issue by a non-financial onshore mainland firm, according to people familiar with the offering.
Baosteel, China’s second largest steel producer, will meet investors in Singapore on November 22 and in Hong Kong on November 23, the same sources said.
The deal will become the first offshore renminbi bonds offering by onshore mainland company after vice premier Li Keqiang gave the go-ahead to boost market development.
The company will use the proceeds to inject capital into its subsidiary, according to the document given to institutional investors.
HSBC and Deutsche Bank are the joint global coordinators of the issuance. China Merchants Securities (HK), DBS, Standard Chartered Bank and ICBC International Securities are the bookrunners of the transaction.
