China Metallurgical Group Corporation (“MCC”) recently issued two tranches of three-year offshore senior notes worthy of a total of $500mln. The notes, compared with similar credit-enhanced dollar bonds available in the international bond market, have the lowest coupon rate and cost of carry. The issuance, drawing the attention of a number of quality investors, further enhanced the awareness of MCC in the international bond market.
Senior partners Liu Yan and Wang Feng and associate Liu Jing acted as PRC legal counsel for the issuer on a bilingual basis.
MCC is a conglomerate administered by SASAC of the State Council and the world’s largest metallurgical engineering contractor and technological upgrading and innovation service provider. With complete industrial chains for both ferrous and non-ferrous metallurgy, MCC serves almost all large- to medium-sized steel and iron enterprises in China, including Baosteel, Ansteel, WISCO and Pzhsteel, in planning, surveying, designing and constructing key production facilities.
