A debut issue by Xi'an Municipal Infrastructure Construction Group sailed into an empty market on Friday as investors waited to see whether non-farm payroll numbers from the US signalled an impending interest rate hike.
However, the distraction did not appear to prove to be much of a handicap for the issue, which had built up a respectable peak order book of $2.5 billion by the time final guidance was revised.
This was not as strong as the $3.8 billion order book fellow LGFV issuer Chongqing Western Modern Logistics had built up earlier in the week, but Xi'an Municipal went out with more aggressive indicative price...
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