In a shock move, China has just split its mega-bond mandate between European and US lead managers.
Yesterday, China announced that it would launch roughly $1.4 billion of bonds via Goldman Sachs, JPMorgan and Morgan Stanley. This would comprise a $1 billion 10-year deal and a E500 million $440.83 million transaction. The three US banks had been mandated to do a deal for China since 1999.
However, there was never a euro-denominated portion to this 1999 mandate, and...