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Blowout response to China global bonds offering
China priced a $6 billion four part deal in a sovereign bond offering that will serve as a pricing benchmark for borrowers from the world’s second largest economy. Investor demand for these bonds was massive with orders in excess of $20 billion within a few hours of the deal announcement. In a surprise move, the sovereign announced an issue of 3-,5-,10- and 20-year bonds, which came just two weeks after completion of a 4 million euro deal. The bonds were priced to yield 1.929%, 1.996%, 2.238% and 2.881% respectively. The bonds were initially guided to yield around 60, 65, 70 and 80 basis points over benchmark US ... (full story)
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