HK Port operator braves cooler market
China Merchants Holdings International, the Hong Kong-listed port operator, has launched a five and 10 year dollar bond, braving some rough conditions in the international markets.
With other borrowers choosing to hold back in the face of worsening market conditions, China Merchants pegged its hopes on its Chinese government links and relatively generous coupon to overcome investors’ nerves.
It has port investments in Shenzhen and Shanghai, both among the top five ports in the world.