China Steel completes GDR

Joint leads Citigroup and Goldman Sachs completed an accelerated GDR issue for China Steel Corp (CSC) last night (Thursday). The 11.98 million unit deal represents the first government sell down via a GDR since 1997 and before that 1992. Its emergence was somewhat unexpected given the escalating SAR's crisis in the Island Republic, although this did not appear to hamper demand for the transaction.