Evergrande underscores development of synthetic renminbi bonds with jumbo deal
Evergrande Real Estate Group was planning to close a synthetic renminbi bond worth as much as $1.5bn as EuroWeek Asia went to press on Thursday. The deal will be by far the largest synthetic renminbi issue yet, and shows the speed at which the market has developed to become a key area of activity in Asia’s bond market.
Bank of America Merrill Lynch, Bank of China International, Citi and Deutsche Bank are managing the synthetic renminbi issue, only the third such deal after Shui On Land opened the market at the end of last year, and China SCE followed with a recent deal.
The lead managers
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