China takes €4bn with stunning euro return

china lantern px230
By Burhan Khadbai
05 Nov 2019

The People’s Republic of China made a huge splash in the euro market on Wednesday as investors pounced on the rare opportunity to buy bonds in the single currency from the sovereign.

Following the mandate announcement last Wednesday for a multi-tranche Reg S euro transaction, the leads announced price thoughts for seven, 12 and 20 year bonds in the early hours of Asian time on Tuesday morning.

Initial price thoughts were mid-swaps plus 45bp-50bp for the seven year, plus 60bp-65bp ...

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