Citic proves it's no ITIC

Citic Pacific has ridden on the back of positive momentum towards greater China spreads with a tightly priced euro-144a offering.
The BBB-Baa2-rated deal has been the first this year to test the true depth and strength of demand for Hong Kong and China credits. Recently, some analysts have started to predict that high grade Hong Kong could soon be pushed through the 100bp mark by asset hungry Asian investors. It would be hardly surprising then, to conversely discover that US investors were worried that a Citic might unduly benefit from geographically-driven spread tightening which its stand-alone fundamentals did not deserve.

The 10-year deal that closed last night Thursday in New York, however, seemed to show that those international accounts which had done their credit work, were still prepared...

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