China National Chemical Corp made a storming debut in the US dollar bond market, drawing huge oversubscription despite early market jitters caused by Moody's downgrade of China's sovereign rating. The state-owned chemicals company checked with Moody's for assurances that its Baa2 rating, and the identical rating expected for its bonds, would not be affected, before opening books last Wednesday for a senior perpetual non-call five securities offering relatively late at 11am.
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