Beijing Infra ditches keepwell for tight guaranteed bond

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Beijing Infra ditches keepwell for tight guaranteed bond

Beijing metro_Adobe_3Sep

Beijing Infrastructure Investment Co used a direct guarantee structure for its dollar bond return instead of a keepwell agreement, just days after keepwell deals sold by Peking University Founder Group were not recognised in a debt restructuring. The move paid off for the metro operator — bolstering the rating of its deal and helping it get away with tight pricing. Alice Huang reports.

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