Anchor orders can make or break a deal

By Addison Gong
29 Nov 2018

As the Chinese offshore bond pipeline continues to build, it is inevitable that issuers will increasingly use anchor order support to get their deals past the finish line. But the reliability of this approach was thrown into question this week, writes Addison Gong.

Local government financing vehicle (LGFV) Gansu Province Electric Power Investment Group, rated BBB- by Fitch, ran into an unexpected roadblock with its dollar bond this week.

Its 2021 deal was announced at the area of high 6% on Monday morning, but did not price as expected that evening. ...

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