What trade war? China nabs US bid with 144A

US China conflict_575px_adobe_3July20
By Morgan Davis
15 Oct 2020

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

The Ministry of Finance of the People’s Republic of China is now a regular issuer in the market, selling annual deals. It returned to the dollar market in 2017 with a $2bn dual tranche bond sale, followed with a $3bn triple tranche deal in 2018 and a $6bn ...

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