Everbright Securities makes its bond debut

Chinese brokerage ignores weakening Asian credit markets to bring a debut credit-enhanced bond.

China's Everbright Securities made its maiden voyage into increasingly choppy credit markets on Thursday, raising $450 million from a three-year, credit-enhanced deal.

Bankers said robust demand from Chinese commercial banks enabled the Baa3-rated securities group to counter the prevailingly negative market tone with an order book of $1.9 billion from 87 accounts.

The deal came on a bad day for the Asian credit markets, with the Asia ex-Japan iTraxx index widening four points to 125 as investors digested the implications of the US Federal Reserve’s latest minutes. Citing low inflation and the strengthening dollar as two key concerns, the Fed backed away from raising rates in September,...

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