China cuts swathe through Samurai market

With a little help from its friends, China has re-stormed the Samurai market with an important and successful strategic deal.

The People's Republic of China has set a new sovereign benchmark in the Samurai market with its first deal in almost five years. Capped at an issue size of Y30 billion $284 million, the five year deal was heavily subscribed thanks to strong international support from China-related accounts.

In a pattern repeatedly witnessed in the PRC's dollar transactions, Mainland money often proves the vital prop that enables the government to secure tight pricing relative to comparable benchmarks. In this particular instance, such interest was crucial to spur initial momentum and win over Japanese accounts burnt by their exposure to the ITICs International Trust Investment Corporations.

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