State Power squeezes price on $1bn return

By Alice Huang
23 Jul 2020

Investors were unfazed by State Power Investment Corp’s (SPIC) move to tighten pricing on a $1bn bond by 52bp. The Chinese company’s deal was six times oversubscribed at its peak, and only tightened further in the secondary market.

The company, one of China’s five largest power generators, is a frequent bond issuer onshore. But before its dollar return on Wednesday, its last international outing had been a $500m perpetual transaction in November 2018.

SPIC found market conditions favourable enough to make a comeback this ...

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