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Three Gorges navigates China-US tensions for $1bn
Tensions between the US and China dealt a blow to state-owned utility firm China Three Gorges Corp’s $1bn bond outing, which fell short of the lead banks’ pricing expectations.
China Three Gorges announced the mandate for the dual-tranche deal on Monday. The SOE had been planning an offshore bond for a while as it has dollar funding needs for overseas programmes, according to a syndicate banker on the deal. The deal could have been launched in August
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