Huawei Technologies, one of the world’s largest smartphone makers, pulled a €500m bond just moments before it was set to price, as rumours swirled on Chinese social media that the company was under investigation by the US Department of Justice.
Bankers and fixed income investors close to the deal said demand for the bond was strong on Wednesday evening until the company called off the deal without explanation, something that led investors to assume the cancellation was connected to news that Huawei was under investigation in the US.
“I have never seen this before. If a deal is cancelled, it’s because there is low demand,” said one Hong Kong-based fixed income investor.
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