We prefer to allocate our Chinese exposure to opportunities with better relative value like China National Petroleum Corporation, a AA rated government owned SOE, which priced their three year bonds almost 40bp wider versus Alibaba. Raymond Lee More Quotes by Raymond Lee More Quotes From Raymond Lee The pricing on Alibaba’s bonds did not reflect a China risk premium in our view, and was priced more like a US credit, given the solid demand from the US investor base and hype around the IPO. Raymond Lee business
