Asia’s G3 primary bond markets could hardly have got off to a better start this January after JD.com brought China’s first jumbo bond offering of 2020.
Sizeable, sexy and with spread performance to boot such were the hallmarks of a $1 billion 10- and 30-year deal, with a $5.3 billion order book at the re-offer and 2bp and 8bp respective first day tightening despite a risk-off market backdrop.
The SEC-registered transaction ticked many of investors’ boxes, notwithstanding concerns about historically tight spreads and geopolitical tensions following an Iranian rocket attack on US bases in Iraq. Chinese tech deals also rank as dream dates for investment...
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