China climbs to top of Asian debt tree as upgrade, spaceshot power demand

23 Oct 2003

The People's Republic of China established itself as one of the world's most sought-after borrowers this week when it launched highly aggressive $1bn and Eu400m bonds and achieved the lowest ever spreads by a non-Japanese Asian sovereign.

The deal was A2/BBB rated China's first international issue since 2001, and while the Finance Ministry has indicated it wants to become a more frequent international borrower, it has no pressing need for funds.

That rarity, combined with a keen bid from domestic investors, brought the pricing in to ...

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