Three Gorges fails to crack on bond pricing

World's largest hydropower company takes advantage of its huge size to push hard on the pricing for its second ever international bond deal.
Chinese credit is in full flow
Chinese credit is in full flow

Three Gorges Corporation, the world’s largest hydropower company, returned to the international bond markets for the second time in its history on Tuesday with a $1.5 billion deal. 

The company took advantage of its size and scale to exert the maximise pricing power it could over investors with an extremely aggressively priced deal that came through its own secondary market spreads on a like-for-like basis. 

It also did so in a week when investors are awash with new issues and struggling to absorb recent ones, which are largely trading down. Monday's $400 million green bond for India's Axis Bank, for example, closed 5bp wider on...

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