CDB re-opens Silk Road bonds

Chinese policy bank takes advantage of calmer market conditions to re-open last September's dollar- and euro-denominated bond issue.
Back on the Silk Road
Back on the Silk Road

China Development Bank CDB took advantage of calmer market conditions on Wednesday to re-open and more than double last September's euro- and dollar-denominated bond issue.

Timing and execution of the policy bank's new $1 billion and 1 billion $1.09 billion deal appeared to be a success in marked contrast to its last outing when it lost two syndicate banks in a row over hard underwriting and picked a bad day when the market was unnerved by China's industrial production figures.

This time round, it chose a good window when there was little competing issuance, with most prospective borrowers opting to wait out the results...

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