Shanghai Electric prices divisive dollar bond

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By Virginia Furness
14 Aug 2014

Shanghai Electric priced its maiden bond on August 7, raising $500m with a five year offering. A high proportion of the book went to European investors, who saw better value in the underlying credit than Asian investors, who deemed it to be expensive for a regional name, according to bankers.

“We came tighter than a lot of people in Asia wanted,” said a syndicate banker on the deal. “European investors saw this as a cheap good credit, and Asian investors saw it as a rich regional credit.”

Joint global co-ordinators Deutsche Bank, Goldman Sachs ...

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