Investors crowd in on Tianjin FTZ bond

Big order book for larger-than-expected $500 million debut offshore bond deal by Tianjin FTZ.
Airbus final assembly line in Tianjin FTZ
Airbus final assembly line in Tianjin FTZ

Tianjin FTZ launched a debut international bond on Tuesday, attracting an outsized order book for a slightly larger-than-expected $500 million deal. 

Bankers said the peak order book hit $4.5 billion before dropping back to $3.7 billion after the group revised priced guidance fairly aggressively. 

They added that the deal was particularly well received because the issuer is not only viewed as one of the most important local government financing vehicles LGFV in China but also has a compelling story as the north's only Free Trade Zone.

The three-year Reg S deal, which is rated Baa2BBB by Moody's and Fitch, was initially...

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