CSCI tests novel structure on bond return

By Addison Gong
03 Mar 2019

China State Construction International Holdings returned to the dollar bond market, adopting an unusual structure that raised many questions even after the $500m credit-enhanced deal was priced.

The company is a repeat issuer in the offshore market, but its return on February 28 was unprecedented. Instead of issuing the notes through an offshore special purpose vehicle (SPV) while providing a guarantee, the Baa2/BBB/BBB+ rated CSCI decided to explore a new structure.

The issuer of the new ...

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