China's bond might

The sovereign completes one of the most aggressively priced deals from Asia in recent memory.

The People's Republic of China returned to the international bond markets for the first time since May 2001 yesterday Wednesday with a $1.5 billion twin tranche issue that squeezed every last basis point out of the market.

Eschewing the temptation to built up a wildly inflated order book that would close many times oversubscribed, the sovereign decided instead to pursue the tightest price it could without losing a truly global investor base. And it appeared to have succeeded...

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