ASIA-PACIFIC

摘要

Shenzhen expressway's debut bonds rallied in secondary trading last Tuesday for offering an alternative to investors in a market packed with Chinese financials and local government financing vehicles. The US$300m 2.875% five-year bonds were priced at US Treasuries plus 200bp to yield 2.992%, after being marketed at around 230bp. The notes were traded 10bp tighter, according to a Hong Kong-based trader, who said: "Investors liked the issue, as it stood apart from recent offerings from Chinese names."