Trader and shipowner Trafigura Group has raided the Chinese "panda bond" market again to raise CNY 540m ($78m).
The new tranche was placed in the interbank market with a three-year maturity.
Last October, the company sold a CNY 700m panda bond to bring its fundraising in 2018 to $3.15bn.
Oversubscribed
That was the third Chinese debt sale in a potential CNY 2.35bn programme, following deals in April and May for $79m and $78m, respectively.
It said the fourth issue was "significantly oversubscribed."
And it drew a more diverse investor base than the previous tranches, it added.
This included commercial banks, asset managers, insurance companies, trust companies and securities firms.
“Trafigura credit is now well anchored and sought after in China’s domestic capital market,” said CFO Christophe Salmon.
“We were the first commodity trader to plant our flag in this very large debt market and we appreciate the significant effort investors have made to understand our business.”
Claire Chen, Trafigura China CFO, added: “The unqualified support received from The People’s Bank of China and the National Association of Financial Market Institutional Investors was key for the success of Trafigura’s first panda bond programme."
Bank of China acted as lead bookrunner on this transaction, and the Industrial and Commercial Bank of China as joint lead bookrunner.
