When China Cinda Asset Management executed a $1 billion bond deal on February 14, it presented international fund managers with the kind of Valentine’s Day offering they were not keen on receiving, but are sadly suffering on an increasingly regular basis.
On the surface, it did not seem that way.
There was talk that each of the deal’s three tranches had attracted an $8 billion order book.
So did this mean that the enormous syndicate, which encompassed 13 global co-ordinators and 12 lead managers, had tapped into the farthest reaches of their global distribution networks to secure orders
It seems not....
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