China Orient makes stellar return to dollars

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By Isabella Zhong
28 Aug 2014

China Orient Asset Management made a blockbuster return to the dollar market on August 27, attracting $10bn of bids for its dual tranche issue. The enthusiastic investor response is a reflection of the progress that China’s toxic asset management sector has made in G3 bond markets since China Orient brought the sector’s first offering in September 2013.

That initial foray into dollars saw it print a $600m 4.75% 2018 deal. However, because of a lack of direct comparables, bankers and investors struggled to price the issue and the borrower had to pay up to garner demand.

One year on, and two ...

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