CDB bond stumbles along the Silk Road

Policy bank executes messy deal minus two of its syndicate banks.
Burden of expectations
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 highly symbolic given its desire to set a second benchmark for a new asset class in Silk Road bonds - so named after Bank of China's multi-currency offering in June this year

...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222