China extends sovereign curve despite global sell-off

Digital China_230px
By Addison Gong
12 Oct 2018

The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.

The MoF’s five, 10 and 30 year bonds were priced at 30bp, 45bp and 70bp over US Treasuries, on Thursday evening Asia time. China raised $1.5bn from the 3.25% 2023 bond at 99.634 or a yield of 3.33%, $1bn from the 3.5% 2028 at 98.918 to yield 3.63%, ...

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