Issuers pile into sub-one year bonds in hot market

By Morgan Davis
17 Feb 2020

A number of Chinese borrowers are navigating a slowdown in offshore bond issuance approvals from the regulator by selling sub-one year deals to capture the momentum in the dollar debt market.

Chinese issuers looking to raise funds in the international market are required to get approvals and quotas from the National Development and Reform Commission (NDRC). But as companies learned in the past, bonds with tenors of less than 365 days do not need the regulator’s go-ahead.

Short-dated ...

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