Demand for Chinese floating notes wanes

By Morgan Davis
12 Jul 2018

Lukewarm demand for recent floating rate notes, and their underperformance in the secondary market, has raised a key question for Asian issuers: are investors falling out of love with dollar floaters? Morgan Davis finds out.

Asian investors have had their pick of floating rate notes so far this year, with around $27bn of dollar FRNs sold in Asia ex-Japan — more than $21bn of which came from China, according to Dealogic. Issuers picked up on the buy-side’s desire for the structure early in ...

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