China Orient upsizes bond as investors pile in

With investors starved of yield, China Orient could have sold the bonds 10-times over, enabling the state-owned enterprise to price the deal aggressively.

China Orient Asset Management benefited from pent-up investor demand for yield on Tuesday as it tapped international bond markets for the first time in almost two years with an upsized $650 million five-year issue.

The group was flooded with more than $6.5 billion of orders, according to two bankers familiar with the transaction, underlining just how hungry investors are for income-paying investments even as sleepy market conditions prevail and US interest rate hike worries nag.

The deal was increased from an initial target of $500 million, the two bankers added.

Strong investor interest in China Orient's dollar bond sale comes ahead of a widely...

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