shangrao investment holding group, a Chinese local government financing vehicle rated BBB- by Fitch, has successfully revived a US dollar bond offering following a failed attempt last month, returning with a more generous yield and strong anchor orders in a better issuance window. Shangrao Investment on January 9 priced a US$500m three-year bond issue at par to yield 4.30%, inside initial 4.70% area guidance. Having failed to print a US$200m deal at 3.98% last month, the revamped offer came with a yield 32bp higher and a bigger size.
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