Toxic asset manager Cinda debuts in dollars

By Isabella Zhong
08 May 2014

China Cinda Asset Management made its dollar debut on Wednesday night with a $1.5bn dual tranche bond. Although negative sentiment on China led dealers to take a cautious approach with initial guidance, the trade was able to land inside fair value after pricing tightened by 25bp.

“The weakness in China was something that came up during investor meetings and was factored into where we positioned initial pricing,” said a senior syndicate banker on the deal.

Joint global co-ordinators and joint bookrunners Bank of America Merrill Lynch, Bank of China International, Credit Suisse, Morgan Stanley ...

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