China Railway’s dollar first slices guidance on 10yr deal
China Railway Construction Corp (CRCC) made its bond debut in the dollar market with a $800m 10 year deal last week. A surge in interest from Asian accounts surprised the bookrunners and allowed them to price the bond on May 9 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, said a syndicate banker on the deal.
China Railway Resources launched a 10 year bond in January, which was trading at 192bp in
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