Three Gorges powers into bond markets

The world's largest hydropower development company makes its international bond market debut with the first dual currency issue from a Chinese state-owned enterprise.

China Three Gorges Corporation made its international bond market debut on Wednesday, with a first dual currency transaction by one of the country's state-owned enterprises SOE.

In doing so, the Aa3AA rated group was able to take advantage of rallying credit markets to raise $700 million from a 10-year tranche and Eu700 million from a seven-year tranche. 

Particularly noteworthy was the group's decision to aggressively ratchet down indicative pricing on the dollar tranche after building up an order book of $5.2 billion. After going out with initial price guidance of around 165bp, the group shaved it back to 135bp over Treasuries, a 30bp...

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