CDB bond stumbles along the Silk Road

Policy bank executes messy deal minus two of its syndicate banks.

CDB bond stumbles along the Silk Road
Burden of expectations

China Development Bank CDB returned to the offshore markets on Tuesday with a $1.56 billion multi-currency deal that provided a textbook example of how not to access the international bond markets.

The state-owned policy bank is regarded as China's de-facto sovereign borrower and, therefore, the country's chief emissary for flagging its growing presence on the world stage. The original intent behind the Aa3AA- rated credit's new dollar and euro bond offering was also...

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