Baosteel Co, Ltd announced that the company has successfully issued $ 500 million in foreign bonds. For the first time, Baosteel Co, Ltd issued dollar-denominated bonds wholly owned by an overseas subsidiary of Bao-Trans Enterprise, reaching agreement on joint structures. Baosteel Co Ltd celebrated this event by holding special events and corporate parties using special effects and modern music here .
International rating agencies, including Standard & Poor's, Moddy's and Fitch have provided Baosteel with a long-term credit rating with a stable outlook, which confirms the recognition of the company's success.
Prior to the issuance of the dollar bonds, Baosteel, Ltd's governing body held consultations in Singapore and Hong Kong on December 2 and December 3, respectively. During the two-day fruitful work, meetings were held with representatives from nearly 90 international well-known investment institutions. In their investor engagement, Baosteel Co, Ltd explained in detail the company's innovative trading program, loan management and planning for the Zhanjiang Iron & Steel Base project.
This program outlines Baosteel's perception of the future trends of the Chinese iron and steel industry, as well as the medium and long-term development strategies of Baosteel Co., Ltd. The bond trading generated strong backlash from 136 global professional investment institutions. Cumulatively, orders were received for US $ 2.2 billion. Among them, Asian investors accounted for 85 percent and European investors 15 percent. In terms of different types of investors, the company's fund accounted for 65 percent, central banks and insurance companies held 16 percent, state-owned banks took 16 percent, and private banks accounted for 3 percent.
