Local Government Financing Vehicle Jinan West City Group jumped into the international bond markets on Tuesday, hoping to ride the success of a $1.1 billion issue by central government-owned China National Blue Star one day earlier.
The BBB- rated group managed to build up a peak order book of $1.4 billion for its $300 million five-year deal, which was sole-led by Standard Chartered.
The company initially went out with price guidance at 245bp over five-year Treasuries, before tightening it to 220bp over.
During the course of the Asian trading day, secondary spreads were wider across the board with sales desks noting selling...
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