China's new crowd pleaser for fixed income investors

After a two-and-a-half-year wait, China''s new sovereign benchmark prompts a feeding frenzy among investors.

When China picks the right moment to launch a capital markets transaction, the whole world wants to buy it. This time round, the US was not offered that opportunity and the sovereign followed a highly successful strategy last pursued to equal acclaim in 1996, targeting European and Asian investors instead.

Both proved highly receptive to the twin $1 billion and Eu550 million deal, with the former issue closing nearly five times oversubscribed and the latter four times oversubscribed. Following last week's well-publicized mandate scuffle, which led to the appointment of three European banks to run the euro-denominated tranche, it did, however, seemĀ as if there were almost as many lead managers as investors....

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