China Shadow Banker Sidesteps Default Concern to Sell Debt
This article is for subscribers only.
A Chinese trust company has sold the first dollar bond since the late 1990s, when the industry’s implosion saddled international investors with heavy losses.
Zhongrong International Trust Co. raised $225 million selling three-year notes to yield 6 percent Monday. It’s the only financial institution from China with a BB score from Standard & Poor’s currently to tap the market, and the first since Fujian International Trust & Investment Corp. sold U.S. currency notes in 1997.