KDB and China South City bonds priced tight

Issuers ignore heavy pipeline with two tightly priced deals.

Korea Development Bank KDB and China South City Holdings executed two tightly priced bonds on Tuesday, facing off against a heavy new issue pipeline right behind them.

Bankers said sentiment was subdued after US investors returned from their long weekend and the overall market continues to digest the implications of Friday’s lower than expected non-farm payroll numbers. 

This led to a lukewarm response for China South City’s Reg S offering, which had only garnered $840 million in demand just before the release of final price guidance.

The final order book dropped slightly from its peak level, as some funds pulled their orders, one...

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