CR Gas's $750 million debut benefits from strong parent

Chinese state-owned enterprise China Resources Gas early Friday morning printed its $750 million debut bond, which came at the tail end of a busy week. It also came amid growing nervousness about negative headlines out of China and Hong Kong, including the arrests of Sun Hung Kai Properties' co-chairmen Raymond and Thomas Kwok late last week in connection with an investigation into bribery offenses.

Despite this, CR Gas pulled off its debut bond in textbook style. The 10-year bond priced at Treasuries plus 260bp, at the tight end of the final guidance of Treasuries plus 260bp to 265bp and about 10bp inside the initial guidance, which was in the area...