Trafigura raises RMB 540m through the latest tranche of its Panda Bond programme
Singapore, 22 May 2019 - Trafigura Group Pte Ltd (“Trafigura”), one of the world’s leading independent commodity trading companies, has successfully issued a 540 million renminbi-denominated bond in China’s mainland debt market (“Panda Bond”). As with the previous three tranches issued from Trafigura’s Panda Bond programme, this new tranche was also placed in the Interbank Market under a Private Placement format for a 3-year maturity.
Following a targeted marketing effort, this fourth issuance was significantly oversubscribed. It drew a more diverse investor base than for the previous tranches, which demonstrates the considerable interest for Trafigura’s credit shown by the domestic Chinese investment community that includes commercial banks, asset managers, insurance companies, trust companies and securities firms. The final coupon has significantly tightened since the first tranche issued in April 2018, confirming the strong appetite of the Chinese market for Trafigura’s long-term debt. The total amount raised under the company’s Panda Bond programme is circa USD337 million.
“Trafigura credit is now well anchored and sought after in China’s domestic capital market,” said Christophe Salmon, Trafigura’s Group Chief Financial Officer. “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.”
“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,” added Claire Chen, Trafigura China’s Chief Financial Officer.
Bank of China acted as Lead Bookrunner on this transaction, and ICBC as Joint Lead Bookrunner.
For further information please contact:
Trafigura’s Global Press Office: +41 22 592 45 28 or email@example.com
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Notes to editors
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Visit: www.trafigura.com