Two Chinese state-owned borrowers entered the international bond markets on Tuesday hoping to capitalise on diminished supply with aggressively priced deals.
The Export Import Bank of China Chexim raised almost $3 billion from a three-tranche Silk Road bond, while Yunnan Provincial Energy raised $300 million from a debut deal.
However, the trading performance of this week's $250 million issue by property develop Aoyuan and last week’s $1.5 billion three-tranche offering by Sunshine Life Insurance may give investors pause for thought and persuade borrowers to rein in their expectations.
Both achieved strong order books - $6.5 billion for Sunshine Life and $2.1 billion for Aoyuan....
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