China makes triumphant return to euro bonds

Beijing skyline_adobe_575px_20Oct20
By Morgan Davis
19 Nov 2020

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

China, which sells its international bonds through its Ministry of Finance, printed a $6bn four tranche 144A/Reg S deal in October. The transaction was the country’s fourth dollar outing since returning to the market in 2017. Last year, China sold a euro deal as well, raising ...

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