China wows Europe

Sovereign secures large order book for benchmark bond despite aggressive pricing.

The People's Republic of China returned to the international bond markets for the first time in a year on October 21 with one of its most striking bond offerings to date. The twin tranche Eu1 billion $1.26 billion and $500 million deal was incredibly well timed, coming on a day when 10-year US Treasury yields dipped below 4% for the first time in six months.

However, bankers believe the deal has far greater long-term significance and may mark a key inflexion point for Asian borrowers, which have long struggled with euros and principally stuck to dollars instead. Typically, euro deals price at a premium to dollars and transaction sizes have often...

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