CDB keeps market engaged with dual-currency outing

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By Addison Gong
05 Dec 2018

Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.

“There hasn’t been much Chinese policy bank supply this year,” said a Hong Kong-based banker on the trade. “CDB itself hasn’t done a deal for a while, and it’ll be the last time it comes out this year, so there was purchasing power especially from Chinese banks.”

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