To be aggressive, or not aggressive? That is the question

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By Morgan Davis
11 Sep 2018

Chinese state-owned enterprises (SOEs) Poly Real Estate Group Co and China Minmetals Corp took different approaches to pricing their dollar bonds on Monday, resulting in diverging secondary market performances.

Poly Real Estate was a cautious issuer that was willing to pay a decent new issue premium to snap up the $500m remaining from its 2018 offshore fundraising quota.

Its strategy with its bookbuilding reflected that attitude. Rather than rely on anchor orders, as many other Chinese issuers ...

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