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The bank is offering over 100bp of premium to the Kazakh sovereign
The bank is the largest in the country and a close proxy for investors to the government
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Troubled Chinese local government financing vehicle Beijing Haidian State-owned Assets Investment Group (Haidian SAIG) finally managed to sell a bond without mishaps on Wednesday. The trade is a win for the issuer, especially since it has been receiving the cold shoulder from the market since July, but the LGFV may need to address deeper-seated problems in future outings, said bankers. Rebecca Feng reports.
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Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.
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Hong Kong rail operator MTR Corp priced a larger and tighter green bond than expected this week, with investors showing their faith in a company that has been forced to battle protests and the pandemic in the past year. Morgan Davis reports.
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Many saw the US Federal Reserve’s decision to lend hundreds of billions of dollars to certain central banks at the height of the coronavirus crisis as pivotal in preventing further calamity in global markets. Brad Setser, senior fellow for international economics at the Council of Foreign Relations, gives a great deal of credit to the Fed for its forceful intervention. But if markets begin to see the US central bank as a global lender of last resort, there may be a greater risk of imprudent behaviour and more political tumult in the US.
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Chinese delivery company Yunda Holding Co made its debut in the dollar market on Wednesday, raising $500m.
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OneConnect Financial Technology Co, a Chinese technology-as-a-service platform, raised $324m this week from a larger than expected follow-on offering of its US-listed stock.
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