When it comes to US dollar funding, Chinese borrowers either don't care about costs or are getting desperate. Since Donald Trump's election sent US Treasury yields soaring, more than 80% of dollar bonds sold by Asian companies have been from China - over US$14bn. In that same period, three-year Treasuries have jumped 60bp and the five-year benchmark 75bp. Assuming credit spreads have remained constant, that group of Chinese issuers would have saved up to US$100m in annual interest costs had they priced their deals a little over a month earlier.
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