China Dollar Bonds Zoom Higher After $118 Billion of Demand

For those lucky enough to have been allocated a portion of the sale, China’s $4 billion return to the dollar bond market provided instant gains as the notes quickly rallied in the secondary market. Many more are likely to have missed out after the process generated enough demand to cover the deal almost 30 times over. The $118.1 billion order book was huge even by the standards of this year’s booming bond market, following a pattern set by other sovereigns like Spain and Italy that have generated order bo ...