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在线翻译:
szdaily -> Business_Markets -> 
Global investors race for sovereign bond sale
    2017-10-27  08:53    Shenzhen Daily

GLOBAL investors are piling into a rare global bond offering from China, with orders topping more than US$10 billion in the first hour after books opened Thursday, more than five times the amount on offer.

China, which last sold a global bond in 2004, is offering five-year bonds at 30-40 basis points (bps) over U.S. Treasuries and 10-year bonds at 40-50 bps above, in two tranches of US$1 billion each.

“Everyone wants to get their hands on this bond. These are tight levels but we are interested as there is little risk of repeated issuance in the same maturity bucket,” said Edmund Goh, fund manager at Aberdeen Standard Investments.

Existing bonds from these issuers have seen spreads narrow in anticipation of tight pricing of the underlying sovereign.

Export Import Bank of China’s bonds have rallied 10 bps since the sovereign debt plan was announced earlier this month. The bonds due 2022 are now trading at 65 bps over U.S. Treasuries. The US$1.15 billion bond was issued in March at a spread of 85 bps.

IFR reported that the bonds are expected to be included in JP Morgan’s EMBI after the sale. This means that many emerging-market funds will have to buy them to track the benchmark, even though the securities will not be unrated. (SD-Agencies)

 

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