Citic Envirotech, a Singapore-listed waste water treatment company, launched an extremely well-received perpetual non-call three bond on Thursday, leading lead manager DBS to close the order book early to prevent demand spiralling out of control.
The city state's army of private banking clients drove the deal after latching on to one of the few bonds in the Chinese credit spectrum that still has a 5% handle attached to it.
Having launched the deal with initial guidance of 5.75%, DBS quickly tightened the range to 5bp either side of 5.5%. The bank also informed investors the book would shut early at the end of the Asian morning...
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