Markets
China Gets Blowout Demand for First Euro Bond in 15 Years
- Investors place bids for nearly 20 billion euros of bonds
- Sale comes as euro high-grade borrowing costs fall below 0.5%
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China tightened pricing on its first bond offering in Europe’s common currency since 2004 after pulling in nearly 20 billion euros ($22 billion) of investor orders.
The sovereign priced four billion euros of notes across seven, 12 and 20-year maturities, according to people with knowledge of the sale, who asked not to be identified as they aren’t authorized to speak about it publicly. The most popular tranche was a 2 billion-euro seven-year note that received more than 9.25 billion euros of investor bids. Those notes priced at 30 basis points above midswaps and as much as 20 basis points inside an initial target, the people said.