Minmetals and COSL add to China bond splurge

Few pricing concessions from Chinese borrowers in a crowded market.

China Minmetals and China Oilfield Services COSL ventured into the offshore bond markets on Thursday amid a crowded pipeline of issuers hoping to tap the market before the summer break. 

Bankers said that signs of indigestion are in danger of being magnified by a lack of pricing concessions from Chinese borrowers.

Bank of Communications' additional Tier 1 capital deal, for example, immediately traded down on Thursday, although it was back up to its re-offer by the close. India's Adani Ports, which also raised dollar debt on Wednesday, saw the spread on its five-year deal blow out 6bp to 201bp over Treasuries by Asia's close. 

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