China’s government set initial price guidance for a landmark $2bn US dollar bond sale in Hong Kong in a range that implies credit risk comparable with Goldman Sachs and below Apple.
The pricing suggests the likelihood of strong demand for the sale, despite downgrades of China’s sovereign credit ratings this year by both Moody’s and Standard & Poor’s.
China’s economy has grown faster than expected this year, and the country’s debt burden has stabilised — or even fallen by some estimates — due to slower credit growth and faster inflation.
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