China scoops a fistful of euros

The People’s Republic of China returned to the euro-denominated bond market for the first time in 15 years on Tuesday with a deal that showed how radically the country has changed over the past decade-and-a-half, but how little its borrowing strategy has. 

One thing that no one doubts is just how much larger and more powerful an entity China is in 2019 compared to 2004, although in ratings terms it has only gone up a few notches from BBBA2A- to AA1A.

The country’s growing financial clout, combined with the rarity value of its credit, is reflected in the amount it has...