Speed was of the essence

Issuer: People’s Republic of China
Amount: $1 billion
Launched: June 28/July 1 1996
Lead managers: CS First Boston and Morgan Stanley

It is not as if the People’s Republic of China (PRC) has a glittering track record in global bond issuance. Only two years ago a $1 billion 10-year global led by Merrill Lynch widened from 85 basis points at issuance to a high of 160bp in the secondary market. So it was only natural to expect investors to be sceptical when the PRC came to market again in June.