West China Cement (WCC) has raised US$400m in a five-year bond deal with proceeds intended to refinance the same amount of debt.

With an order book of US$4bn from 260 institutional accounts, the latest bond deal offered investors a coupon rate of 6.5 per cent, compared with 7.5 per cent on the previous five-year bond that matures in 2016, according to a term sheet seen by the South China Morning Post.

At the subscription level the deal was well received by fund investors, who represented 83 per cent of the entire book. Private bank investors clinched the first runner-up with a 12 per cent stake.

Credit Suisse and Nomura are the managers for the bond deal.