Citic issues tightly priced bond

China’s largest conglomerate disdains new issue premium despite a weakening Asian credit backdrop following last Friday's big Treasury move.

Citic issues tightly priced bond
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China's largest conglomerate, Citic Limited, sold a $1.25 billion dual-tranche bond on Monday disdaining a new issue premium despite Asia's weakening credit backdrop.

The state-owned company brought its five-and-a-half year and 10-year deal to market on a day when Asian investment grade credit spreads widened roughly 3bp in response to Friday’s big move in Treasuries.

Weaker than expected US jobs data prompted a 10bp rally in 10-year Treasuries last Friday and...

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