China bond mandate split

Is this further evidence that the Chinese government is taking a more pro-European approach to mandate allocation?

In a shock move, China has just split its mega-bond mandate between European and US lead managers.

Yesterday, China announced that it would launch roughly $1.4 billion of bonds via Goldman Sachs, JPMorgan and Morgan Stanley. This would comprise a $1 billion 10-year deal and a E500 million $440.83 million transaction. The three US banks had been mandated to do a deal for China since 1999.

However, there was never a euro-denominated portion to this 1999 mandate, and when the European banks heard that a euro-deal would be done without a single European bank, they began to complain or as it was put by one poetic source, throw their toys out of their...

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