Lafarge Shui On Cement sells 3-Year Dim Sum Bonds

Lafarge Shui On Cement sells 3-Year Dim Sum Bonds
Published: 10 November 2011

Lafarge Shui On Cement Ltd., a joint venture between Lafarge and Hong Kong-listed Socam Development Ltd sold CNY1.5bn (US$236.9m) of three-year dim sum bonds at 9.0% Thursday, a source  has said.

Dim sum bonds refer to yuan-denominated bonds that are issued in Hong Kong.

The yield was at the lower-end of an indicative yield range of 9.0%-9.5% due to investors’ strong demand, which also helped boost the final issue amount to exceed the company’ original plan of up to CNY1bn, said the person, who declined to be named.

The offering received more than CNY5bn book orders, he added.

Citigroup, HSBC, Mitsubishi UFJ Securities and Standard Chartered Bank were joint bookrunners for the planned offering.

Lafarge Shui On Cement is 55%-owned by Lafarge, and 45% held by Socam.