Chexim braves storm with dollar, euro bonds

The Chinese policy lender sells a mix of dollar and euro bonds, offering a new issue premium only on its longest-dated tranche

Export-Import Bank of China Chexim, one of the country’s big three’ policy lenders, returned to the international debt market on Tuesday with a $3.056 billion multi-tranche bond.

The issuer braved volatile secondary markets ahead of a Federal Reserve meeting next week, when the US central bank is widely expected to hike interest rates. That volatility has hurt demand for other bonds this week, and appeared to be a factor in the delay of Indian film producer Eros International’s dollar bond.

Investors have generally adopted a wait-and-see approach this week because of the Fed meeting, a syndicate banker said. The market has been less receptive to...

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