Bonds news in brief: Mengniu Dairy, LGFVs rush out post Powell hearing

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By Addison Gong, Silas Brown
12 Jul 2019

A wave of issuers — mostly Chinese — including China Mengniu Dairy Co and local government financing vehicle Guangzhou Development District Financial Holdings flooded the bond market on Thursday, riding the positive sentiment after the US Federal Reserve chairman Jerome Powell signalled a rate cut later this month.

Bookbuilding for China Mengniu Dairy Co’s five year started from the 160bp over US Treasuries area. BOC International, Citi, HSBC and Standard Chartered were the global co-ordinators. Final guidance came in at 125bp-130bp over.

Baa1/BBB+ rated Mengniu has an outstanding $500m 4.25% August 2023 bond, spotted at ...

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