China Development Bank CDB returned to the offshore markets on Tuesday with a $1.56 billion multi-currency deal that provided a textbook example of how not to access the international bond markets.
The state-owned policy bank is regarded as China's de-facto sovereign borrower and, therefore, the country's chief emissary for flagging its growing presence on the world stage. The original intent behind the Aa3AA- rated credit's new dollar and euro bond offering was also highly symbolic given its desire to set a second benchmark for a new asset class in Silk Road bonds - so named after Bank of China's multi-currency offering in June this year.
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