Beijing Infrastructure builds out euro curve

Chinese subway developer returns to euro markets but needs a fairly sizeable new issue premium to clear deal in soft conditions.

Beijing Infrastructure builds out euro curve

Beijing Infrastructure Investment BII returned to the euro markets for the second time this year with a 600 million $650 million deal on Monday.

Given its sizeable capex programme to develop Beijing's subway system, the AA1A rated group was keen to find an early window to execute its deal even if it meant paying a larger-than-normal new issue premium to clear the transaction in febrile markets.

After setting out...

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