China Railway CC slices guidance on dollar debut
China Railway Construction Corp made its bond debut in the dollar market on Thursday with a $800m 10 year deal. A surge in interest from Asian accounts surprised the bookrunners and allowed them to price the bond well inside initial guidance after a steep spread revision.
During the roadshow Asian investors indicated they did not want to buy CRCC at the same level as China Railway Resources, which offered the best comparable for CRCC, said a syndicate banker on the deal.
China Railway Resources launched a 10 year bond in January
, which was trading
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