Bright Food cracking European conundrum for Chinese corporates
On Tuesday Bright Food became the latest Chinese corporate to launch a euro bond in Asia. This has become a regular occurrence in recent months. However, this deal saw a higher than usual level of demand out of Europe, prompting some European bankers to speculate on what had changed the demand dynamics for this deal.
Travelling in the opposite direction to the Asia-targeted dollar deals many European issuers executed in the early 2000s following extensive roadshows, bonds sold in euros by Chinese issuers have often been referred to as “being home before the issuer”, such was the lack of demand out of Europe.
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