China Railway sells $500m in 10-year bonds

Another aggressively priced bond from a Chinese state-owned enterprise.

China Railway Group, one of the country's largest construction companies, has proven its status as a top state-owned enterprise as it priced a $500 million US dollar denominated debt in the international bond markets inside its existing secondary curve.

The 10-year debt offering comes a day after state-owned China Minmetals issued a $1 billion dual-tranche bond, sucking part of the liquidity out of the market and adding pressure on other new issues. 

The A3A-BBBrated company obtained a peak order book of $5.5 billion before the release of final guidance, in line with what Baa1BBB-rated China Minmetals had achieved for its final...

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